On October 6 local time, a brand-new Hollywood giant was officially born.
Paramount Skydance completed its $110 billion acquisition of Warner Bros. Discovery, and the newly merged company has been officially named "Skydance."
This deal brings together film studios such as Mission: Impossible, Harry Potter, and DC Films, as well as major television and streaming networks like CBS, CNN, Paramount+, and HBO Max, creating a comprehensive entertainment company spanning film, television, and news operations.
Shares of the merged company moved from Nasdaq to the New York Stock Exchange on Tuesday, trading under the ticker symbol "SKYD."
It is reported that, under an agreement reached this February, Paramount Skydance acquired Warner Bros. for $110 billion, beating out Netflix in a bidding war that lasted several months.
Previously, Ellison, CEO of Paramount Skydance, stated that when merging Paramount with Warner Bros., he hoped to preserve the iconic characteristics of both studios.
"They all have unique identities, extraordinary legacies, and brands that resonate with generations of audiences. We never intended for a new corporate identity to diminish, alter, or overshadow any of them."
The new name is designed to give the merged company its own identity while keeping Paramount, Warner Bros., and all their brands in the spotlight.
Upon completion of the acquisition of Warner Bros. Discovery, former Mattel CEO Kreiz will co-lead the merged company alongside him, serving as Co-CEO.
Paramount had previously announced that Ellison would continue to serve as Chairman of the merged company, with company executives reporting to both leaders.