Paramount Skydance finalized its $111 billion acquisition of Warner Bros. Discovery on Wednesday, cementing one of the largest consolidations in media history. The completion followed a final legal obstacle being removed when Supreme Court Justice Elena Kagan declined to intervene in a last-ditch effort by states to block the transaction.
The newly formed entity will operate under the name Skydance, retaining the brand of the production company Paramount acquired in a separate deal the previous year. According to a press release issued upon the deal’s closing, the conglomerate now unites two of the film industry’s most prominent studios. Its assets include the Paramount+ and HBO Max streaming services, CBS, CNN, and a vast array of live sports rights through CBS Sports and TNT Sports.
The path to closure was complicated by litigation initiated by California and 11 other states. In July, US District Judge Araceli Martínez-Olguín of the Northern District of California issued a ruling stating that the merger would likely diminish competition and contravene antitrust regulations. Despite this judicial determination, the deal has now proceeded to completion.
Skydance? Really? Naming a trillion-dollar media beast after a production company feels like pure vanity.
The Supreme Court letting this slide after a federal judge blocked it seems concerning for antitrust enforcement.
Is CNN really part of this now? I hope they keep some editorial independence despite the corporate umbrella.
Wait, so I’m paying for both Paramount+ and Max simultaneously? Great, another monthly subscription I didn’t ask for.
$111 billion? Hollywood really thinks more consolidation is the answer to declining profits. Bold strategy.