Paramount Completes $110 Billion Warner Bros. Discovery Acquisition, Forms New Media Giant
Translated & summarized from Kan News by baba
Paramount has completed its $110 billion acquisition of Warner Bros. Discovery, forming a new media giant called Skydance. The combined company includes major film studios, over 200 million streaming subscribers, and networks like CBS and HBO. Israeli-American businessman Ynon Kreiz was appointed co-CEO alongside David Ellison, who will focus on strategy. Kreiz previously led Mattel and Maker Studios.
The story in 6 lines · by baba
- Paramount acquired Warner Bros. Discovery for approximately $110 billion, creating the new media giant Skydance.
- The merged company boasts major film studios, over 200 million streaming subscribers, and networks like CBS and HBO.
- David Ellison will serve as Chairman and CEO, focusing on strategy and creative vision.
- Ynon Kreiz, an Israeli-American businessman, has been appointed as co-CEO, managing daily operations.
- Warner shareholders will receive about $31 per share in cash as part of the deal.
- The acquisition was finalized after a federal judge approved an antitrust settlement.
Paramount has finalized its acquisition of Warner Bros. Discovery for approximately $110 billion, creating a new entertainment powerhouse named Skydance. David Ellison, the chairman and CEO of the combined company, announced the deal, which brings together major film studios, streaming services with over 200 million subscribers, television networks like CBS and HBO, news channels including CNN, and sports rights.
Warner shareholders will receive about $31 per share in cash. Ellison described the merger as a "historic day for the industry," aiming to build a stronger competitor capable of storytelling across all genres and platforms. This significant consolidation follows a federal judge's approval of an antitrust settlement with U.S. attorneys, clearing the final hurdle for the highly anticipated transaction.
In a related development, Israeli-American businessman Ynon Kreiz was appointed co-CEO of the merged entity, Paramount-Warner Bros. Discovery. Kreiz will oversee the company's day-to-day operations and integration processes, while Ellison will focus on long-term strategy, creative vision, talent relations, and technology. This dual-CEO structure, also seen at companies like Netflix and Spotify, was chosen due to the new entity's vast scope.
Kreiz brings extensive experience in the entertainment industry, having served as CEO and chairman of Mattel since 2018, where he spearheaded the transformation of the company's brands into cinematic properties, notably the blockbuster "Barbie." Previously, he was CEO of Maker Studios before its sale to Disney and led Endemol Group and Fox Kids Europe.
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