Paramount closes Warner Bros deal as Skydance and plans a single streamer
Paramount has completed its purchase of Warner Bros. Discovery and renamed the combined company Skydance. The company announced the close on Tuesday, and its shares now trade on the New York Stock Exchange as SKYD. Warner Bros. Discovery shareholders received about $31.02 a share in cash.
Skydance owns two major film studios, Paramount Pictures and Warner Bros. It also owns HBO Max, Paramount+, CBS, HBO, CNN and CBS News. Its sports arms are CBS Sports and TNT Sports.
One streaming service, and AI for creatives
The company said its streaming products will merge into a single service over time. It gave no timetable. Skydance also owns Discovery+ and Pluto TV. Paramount had already begun moving Pluto TV, BET+ and Paramount+ onto one tech stack in June.
In a “Day 1” memo to staff, published by Business Insider, chief executive David Ellison and co-chief executive Ynon Kreiz set four...
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