The combined media group will operate as Skydance, bringing film studios, streaming services, CNN and CBS News under one corporate group.
Paramount closed its acquisition of Warner Bros. Discovery on Tuesday. The Associated Press valued the purchase at $81 billion, or nearly $111 billion including Warner Bros. Discovery’s debt. Al Jazeera put the total at about $110 billion. The combined group will operate as Skydance.
David Ellison will lead the group, with former Mattel chief Ynon Kreiz as co-CEO. Major film studios, streaming services and the news networks CNN and CBS News will share one owner. Mark Thompson will remain CNN’s editor-in-chief, while Bari Weiss will keep the same role at CBS News.
Al Jazeera reported that the combined group will carry about $80 billion in debt. The company plans to cut costs, expand streaming and produce 30 films a year.