Paramount completed a $111bn acquisition of Warner Bros Discovery on Tuesday, forming a new media company called Skydance that consolidates major film studios, streaming services and news operations.
David Ellison, son of a billionaire tech investor, leads the combined entity. Former Mattel CEO Ynon Kreiz serves as co-executive. The two oversee Paramount and Warner Bros film studios, HBO Max, CBS News and CNN.
The deal finished after a bidding war with Netflix and months of legal complications. No details on the legal issues or Netflix's bid were disclosed in the available material.
The merger joins two of Hollywood's oldest studios under single ownership. Paramount owns properties including the "Star Trek" and "Mission: Impossible" franchises. Warner Bros holds the DC Entertainment comics library and produces shows including "Game of Thrones" spinoffs. HBO Max serves millions of streaming subscribers. CNN and CBS News operate as major US news outlets.
Ellison founded Skydance Media in 2006. Kreiz previously ran toy manufacturer Mattel, where he worked on licensing deals for media properties.