One of the biggest transformations in modern Hollywood became official Tuesday.
Paramount Skydance completed its $110 billion acquisition of Warner Bros Discovery, creating an entertainment powerhouse that will operate under the Skydance name.
Reuters reports that the combined company brings together an extraordinary collection of film, television, news and streaming properties.
Its portfolio includes Paramount, Warner Bros, CBS, CNN, DC Studios, Paramount+ and HBO Max, along with globally recognized franchises including Harry Potter and Mission: Impossible.
David Ellison will lead the new company alongside co CEO Ynon Kreiz.
The merger comes as Hollywood faces major changes in how audiences consume entertainment. Traditional cable television continues to decline while streaming companies compete aggressively for subscribers.
Skydance plans to release at least 30 movies annually during the first two years following the merger.
But the new entertainment giant also faces a major challenge.
Reuters reports that the company will carry around $80 billion in debt while management attempts to deliver approximately $6 billion in cost savings.
