Paramount has completed its acquisition of Warner Bros. Discovery, creating one of the world’s largest entertainment and media companies.
The combined company will operate under the name Skydance and includes two major film studios, HBO and Paramount+, CBS and CNN, cable networks, sports operations and a large portfolio of entertainment franchises.
The transaction officially closed October 6 after receiving required regulatory approvals.
Skydance says the combined business intends to release at least 30 theatrical films annually and produce more than 180 television shows and series.
The company is also targeting at least $6 billion in cost savings and other synergies within three years.
Shares of the new company began trading on the New York Stock Exchange under the ticker SKYD.
