Skydance Set to Lead Combined Paramount-Warner Bros. Studio

David Ellison announced Friday that the merged Paramount and Warner Bros. Discovery will be named Skydance. The deal is expected to close Tuesday.

• $110 billion deal combines two major studios, multiple streaming services, and dozens of networks.
• Skydance will carry more than $80 billion in debt after retiring Warner Bros. Discovery investors.
• Ynon Kreiz, Mattel CEO since 2018, will become co-CEO of the combined company.
• Outgoing Warner CEO David Zaslav leaves with a golden parachute valued at roughly $887 million.

Why it matters: The merger puts franchises including Harry Potter, DC, Lord of the Rings, Game of Thrones, and Yellowstone under one corporate roof alongside CBS, CNN, and HBO.

• Skydance has committed to $6 billion in cost cuts within three years, including some layoffs.
• Paramount signed off on a news editorial independence board to oversee CNN and CBS News.

How 27 sources split on this story

Where they split: Coverage does not split on the name itself, but raises unresolved questions about news independence and streaming consolidation.

What’s next: Ellison is expected to announce the full leadership team Monday before the Tuesday close.

• HBO Max and Paramount+ may be bundled rather than merged into one service.
• Will the editorial independence board for CNN and CBS News have meaningful authority?
• How many jobs will be cut to reach the $6 billion savings target, and which divisions face the deepest reductions?