Paramount Closes $111bn Warner Bros. Discovery Deal, Rebrands as Skydance
Skydance now owns Warner's games studios, including Avalanche Software, NetherRealm, Rocksteady and TT Games.
Paramount has completed its $111 billion acquisition of Warner Bros. Discovery, with the two companies now operating under the name Skydance. The deal, reported by GamesIndustry.biz, gives Skydance ownership of Warner's intellectual property and its games studios.
The studios transferring to Skydance include Avalanche Software, Portkey Games, NetherRealm, Rocksteady and TT Games, along with WB Games Montreal, WB Games New York and WB Games San Francisco.
Skydance CEO David Ellison said the merger will require difficult decisions and that there will be changes and impacts. The company is targeting more than $6 billion in synergy savings from technology, integration and procurement, marketing and real estate rationalisation.
Earlier this summer, Skydance launched Paramount Game Studio by merging Skydance Interactive and Skydance New Media. In a separate statement to The Hollywood Reporter, co-CEO Ynon Kreiz said there will be opportunities to develop new businesses, products, games and experiences.