Paramount Closes Takeover Of Warner Bros. Discovery

CHICAGO (AP) — Skydance-owned Paramount has closed its $81 billion takeover of Warner Bros. Discovery. The new Hollywood giant will be known as Skydance. The merger that closed Tuesday brings two of America’s oldest moviemaking studios together. It also further concentrates power in an industry already run by just a handful of major players. HBO Max and networks such as CNN now find themselves under the same roof as Paramount+ and CBS. Skydance Corp. emerges from one of the biggest tie-ups ever in the media and entertainment industry. Including billions of dollars in debt, the Warner acquisition amounted to nearly $111 billion.