Merged Paramount-Warner Bros. Discovery to Be Named Skydance
David Ellison announced on X that the combined company will take the Skydance name, with the $111 billion merger set to close on Sept. 21.
David Ellison announced on X that the combined company formed by the merger of Paramount and Warner Bros. Discovery will be named Skydance. The $111 billion deal is set to be finalized on Sept. 21, according to CNET.
The merged company will operate both HBO Max and Paramount Plus, along with CNN and CBS News.
As part of the agreement, the company entered a consent decree to settle antitrust claims from 12 state attorneys general. Paramount also agreed to establish an oversight board of journalists to protect the editorial independence of CNN and CBS News.
In July, a group of 12 state attorneys general sued over concerns the merger would concentrate too much control over news networks, cable TV and the film industry. The Writers Guild of America East and West filed a separate lawsuit to halt the merger, then dropped it after the states backed out, citing inability to sustain legal costs.
The deal followed a year-long bidding battle for Warner Bros. Discovery, during which Netflix dropped out. A 2017 Harvard Business Review estimate cited in coverage of the merger suggested up to 30% of workers get laid off in mergers with significant business overlap.
Quick answers
What will the merged Paramount and Warner Bros. Discovery company be called?
The merged company will be named Skydance, according to an announcement by David Ellison on X.
When is the Paramount and Warner Bros. Discovery merger expected to close?
The $111 billion merger is set to be finalized on Sept. 21.
What did Paramount agree to regarding CNN and CBS News?
Paramount agreed to establish an oversight board of journalists to protect the editorial independence of CNN and CBS News as part of a consent decree settling antitrust claims from 12 state attorneys general.