Paramount buys Warner Bros

Paramount has completed its acquisition of Warner Bros. Discovery for $110 billion, creating a new entertainment industry leader named Skydance.

The company is led by David Ellison, with the Ellison family, associated with Oracle co-founder Larry Ellison, as the major shareholder.

The consolidated holding company includes two Hollywood studios and streaming services Paramount+ and HBO Max, television channels CBS, HBO, MTV, TBS, Comedy Central, as well as news and sports divisions.

The portfolio of franchises includes 'Game of Thrones', 'Harry Potter', the DC universe, 'Top Gun', 'The Matrix', and 'SpongeBob'. The new company's revenue will be nearly $70 billion annually with over 200 million subscribers on streaming platforms.

There are plans to merge Paramount+ and HBO Max into a single service. Previously, Warner Bros. had agreed to sell Netflix for $82.7 billion, but Netflix withdrew its offer, after which Paramount increased its bid.

Skydance promises to save more than $6 billion over three years, which typically implies workforce reductions and the implementation of artificial intelligence.