Paramount and Warner Bros. Discovery completed their merger to form Skydance, a deal valued at $111 billion that closed after a legal battle. Company leaders told employees in an internal memo the new Skydance is saddled with significant debt. The merger combines Paramount and Warner Bros. film and television assets under Skydance management, creating a single company overseeing major film and TV catalogs. Former president Donald Trump publicly praised the merger and noted his friendship with David Ellison and Larry Ellison, who are aligned with the new ownership. Social posts highlighted the scope of the combined holdings, naming outlets and brands now under the Ellison-aligned company such as CBS News, CNN, Comedy Central, Nickelodeon, TBS, TNT, HBO Max, and Paramount+. The immediate consequences are internal concern about the company’s leverage and public scrutiny over media consolidation as Skydance begins integrating the two studios’ operations.
