Kreiz and his senior leadership team, including David Ellison, walked across the floor to the Citadel Securities booth where a large gold bell had been set up. The occasion was a ceremony to mark the opening of trading for Skydance, a made-for-the-cameras moment that is traditionally held whenever a public company participates in its first trade.

Citadel trader Peter Giacchi called out the trade, shouting "I've got $9 on 519,000 shares!" as Ellison held a wooden mallet and struck the bell to signal the start of trading. The group erupted into applause as Kreiz took his turn striking the bell with a loud cannon-shot ring.

The intense sound was so loud that it caught one of the Citadel traders off guard, while Wall Street veteran Gerry Cardinale's eyebrows were raised in surprise. This display of energy and enthusiasm is characteristic of Kreiz's leadership style, which is marked by strength and decisiveness.

Kreiz is known for his forceful approach to business, a trait that has been evident throughout his career. A self-described kite surfer, he also has a more lighthearted side, often recalling stories from his past such as working at a Club Med after college or delivering his baby daughter in the back of a car outside Paddington Station in London.

Kreiz's leadership style has been characterized as high-energy and results-driven. Those who have worked with him describe him as someone who thrives under pressure, often rising to the occasion when faced with significant challenges.

The COVID-19 pandemic and President Trump's tariffs presented major obstacles for Kreiz and his company, but he navigated these difficulties with a focus on cost-cutting and strategic pivoting. This ability to adapt has earned him a reputation as a leader who can effectively respond to changing circumstances.

As Kreiz takes the helm of Hollywood's venerable assets, including DC and board games, investors are seeking reassurance about his leadership abilities. A former executive at Warner Bros. notes that there may be concerns about whether Kreiz is equipped to manage a company of such size.

Kreiz's experience in building and leading Mattel's entertainment division has provided him with valuable insights into the potential for toys to drive movie success. By leveraging individual brands like Barbie, Hot Wheels, and American Girl, he aimed to create a self-sustaining business model that would capitalize on built-in audience appeal.

The success of the Lego movie franchise and Disney's nostalgia-fueled remakes of classic animated films provided a blueprint for Mattel's future ambitions in the entertainment industry. By leveraging the built-in fan base of its iconic toy brands, the company aimed to create a lucrative film franchise that would rival those of Marvel.

Kreiz has stated that he believes Mattel can achieve similar success by focusing on the strength and appeal of its franchises. He cited Marvel as an example of what Mattel could accomplish in terms of creating a robust and enduring entertainment brand. This approach was evident in the slate of projects developed under Kreiz's leadership, which paired established directors with well-known toy brands.

The selection of Robbie Brenner as entertainment chief marked a significant shift in strategy for the company. As a veteran independent producer with experience working at studios, Brenner brought a unique perspective to her role and helped shape Mattel's approach to film development. Her background also included an Oscar nomination for producing the 2013 drama Dallas Buyers Club.

Brenner's slate of projects showcased filmmaker-focused pairings between directors and talent, such as M. Night Shyamalan and Clea DuVall, with iconic toys like Magic 8 Ball and Polly Pocket. One of the most notable projects to emerge from this effort centered on Mattel's biggest property: Barbie.

The film adaptation of Barbie, directed by Greta Gerwig and starring Margot Robbie, marked a major milestone for the company. Kreiz was credited as a hands-on supporter of the project, which has been praised by top creatives involved in its development.

The Mattel board was initially hesitant about the project's edginess, but Ynon Kreiz provided crucial support to the filmmakers. According to insiders, he championed the creative vision of Robbie Brenner and Greta Gerwig, ensuring that their artistic goals were not stifled by corporate concerns.

Kreiz' ability to navigate the fine line between business and artistry has been a key factor in his success as CEO. He understands the importance of taking risks and embracing unconventional ideas, even if they challenge traditional notions of what is acceptable. This willingness to push boundaries has earned him the respect of top creatives involved in the project.

One notable example of Kreiz' sense of humor and ability to laugh at himself can be seen in his response to Will Ferrell's portrayal of a bumbling CEO in the film. He acknowledged that the character was a satirical take on corporate culture, stating that Mattel takes its brands seriously but not itself too seriously.

Not all of Mattel's forays into filmmaking have been successful. The company's recent release, Masters of the Universe, received a lukewarm reception from audiences and critics alike. Similarly, the new Matchbox movie has faced criticism from reviewers, highlighting the challenges that come with adapting toy franchises into live-action films.

The diverse range of opinions on Mattel's movies underscores the complexities involved in balancing creative vision with commercial considerations. As Kreiz continues to navigate this delicate balance, his ability to inspire confidence and trust among filmmakers will remain crucial to the company's future success.

The success of Barbie has sent shockwaves through Hollywood, not just for its impressive box office numbers but also for its impact on industry trends. The film's global gross of over $1.4 billion and a 16 percent surge in doll sales after its release have marked a significant turning point.

As the entertainment landscape continues to shift, Mattel is facing new challenges. The company has undergone several rounds of layoffs at its El Segundo headquarters, affecting nearly 300 employees. These changes come amidst a broader industry trend of consolidation and M&A activity.

The timing of these developments is also noteworthy, coinciding with the WGA's labor strikes that began just days after the Barbie premiere in July. The strike marked a pivotal moment for the entertainment industry, with many companies scrambling to adapt to the changing landscape.

In response to the shifting political climate, Mattel has scaled back its efforts on diversity, equity and inclusion initiatives. Last year, the company ceased providing DEI disclosures to investors, effectively eliminating references to goals and resources aimed at promoting diversity within the organization.

Ynon Kreiz's leadership style has been shaped by times of crisis, a trait that will likely serve him well as he takes on co-CEO responsibilities at Skydance. The company is facing significant challenges and will need to undergo restructuring, with synergies estimated in the billions.

Kreiz emphasized that staff reductions will not be the primary source of these savings, instead opting for a more measured approach. When asked about decision-making, Kreiz stressed the importance of respecting employees while communicating plans transparently. This commitment to responsible leadership is set to guide Skydance's future transformation efforts.

The Hollywood Reporter: https://www.hollywoodreporter.com/business/business-news/ynon-kreiz-the-skydance-ceo-1236726494/

The merged entity encompasses a broad range of media assets, including film studios Paramount and Warner Bros., as well as the CBS broadcast network. Additionally, Skydance owns a significant pay TV portfolio featuring prominent networks such as CNN, TNT, MTV, and BET. The company also operates two major streaming services: Paramount+ and HBO Max.

According to Ellison, the combined company boasts an impressive content engine, driven by blockbuster intellectual property and a strong sports portfolio. He highlighted the potential for scale in streaming, with over 200 million global subscribers across HBO Max and Paramount+. This is complemented by a profitable linear television business anchored by CBS.

As part of the integration process, Ellison will focus on the company's creative vision, technological innovations, and long-term strategy. His co-CEO, Ynon Kreiz, will oversee day-to-day management, operations, and the integration of the two companies.

Kreiz emphasized that Skydance is well-equipped to build a next-generation media and entertainment global company, powered by creativity and technology. He noted that the combined entity has the necessary assets, capabilities, and personnel to succeed in today's industry landscape, which he described as an inflection point where it becomes increasingly difficult to reach consumers and aggregate fans.

As part of the newly formed media giant, the executives will have to navigate complex challenges and meet ambitious targets. One such requirement is the agreement to release a significant number of films annually in theaters, as part of a settlement with state attorneys general who had raised antitrust concerns about the acquisition.

The combined entity has already scheduled an impressive 35 films for release next year, according to data from Rentrak. This number will need to be maintained or even increased in subsequent years, with at least 30 films set to hit theaters annually in 2027 and 2028, and at least 32 films annually in 2029, 2030, and 2031.

The merged company must also manage a substantial debt of around $80 billion as a result of the merger. To mitigate this burden, Skydance has set its sights on achieving significant cost savings over the next three years, targeting a total of $6 billion in reductions.

To achieve its cost-saving goals, Skydance is planning to consolidate various functions across the combined company. These measures will include streamlining technology infrastructure, marketing efforts, and real estate holdings, as well as potential adjustments to the workforce.

Industry observers have expressed concerns about layoffs following the acquisition, but David Ellison has emphasized that the company's focus is on long-term success rather than short-term gains. He acknowledged that job reductions are inevitable in this process, but assured that they will be handled with sensitivity and transparency.

The integration of CBS and CNN under Skydance's umbrella has sparked debate about potential conflicts of interest, particularly given the network's history of clashing with President Donald Trump's administration. The president has been critical of CNN in recent weeks, restricting its access to certain White House events as part of the television press pool.

The acquisition also brings together two prominent news networks with different editorial approaches and audience profiles. As Skydance works to unify their operations, it will need to balance competing priorities and navigate complex relationships within the media landscape.

Concerns about improper influence over newsgathering operations have been raised due to David Ellison's father, Oracle co-founder Larry Ellison, being a longtime ally of President Trump. These concerns are likely to be closely scrutinized as Skydance continues its integration efforts.

The combined entity will have a new board overseeing CBS News and CNN to ensure editorial independence.

This oversight board is part of Skydance's settlement agreement with state attorneys general, which was reached as part of the company's acquisition of ViacomCBS. Mark Thompson has been confirmed to remain in his role as chairman and editor-in-chief of CNN Worldwide, while Bari Weiss will continue as editor-in-chief of CBS News.

The integration efforts are expected to respect the editorial independence of both news divisions, with Kreiz stating that the newsrooms will continue to run independently. Ellison emphasized the importance of keeping corporate entities separate from editorial operations, allowing Thompson and Weiss to lead their respective news teams without interference.

CNBC: https://www.cnbc.com/2026/10/08/skydance-co-ceos-ellison-kreiz.html

The idea of bundling options will reportedly be implemented in the short term, allowing users to access both services through one app. This move is seen as a step towards the eventual merger of the two platforms. The exact timeline for this process remains unclear.

During a recent event celebrating the merger of Paramount Skydance and Warner Bros. Discovery, attendees were treated to a discussion between Ellison and his co-CEO Ynon Kreiz. However, one notable absence from the conversation was any mention of Discovery. This is particularly striking given that the WBD acronym is often used to refer to the combined entity.

The omission of Discovery's name may be symbolic of its reduced role in the merged company. While David Zaslav, the CEO of Warner Bros. Discovery, has previously emphasized the importance of his company's assets, it appears that Paramount Pictures and HBO are now taking center stage. This shift in focus could have significant implications for the future of streaming services.

The combined entity will be home to a vast library of content, including films and TV shows from Paramount Pictures, Warner Bros., and HBO. However, Discovery+ seems to be falling by the wayside in this conversation. As one of the largest streaming services available, it boasts a range of popular titles and is priced at just $5.99 per month with ads or $9.99 without.

The niche streaming service Discovery+ seems to be taking a backseat in the recent mergers and acquisitions talks between major players like HBO Max and Paramount+. According to data provided by Antenna, a subscription-economy measurement company, there are approximately 4.9 million paying subscribers of Discovery+ in the US as of August 2026.

This number is significantly lower compared to other major streaming services. For instance, Paramount+ boasts around 34.5 million paying subscribers in the US, with about half of them opting for ad-supported plans. HBO Max also has roughly 28.3 million subscribers in the country, with a similar split between ad-supported and ad-free options.

Despite its relatively small user base, Discovery+ is reportedly profitable, with some sources estimating that it generates low nine-figure revenue annually. The service's low expenses are likely due to its reliance on existing content from the Discovery cable channel bundle, which eliminates the need for original programming investments.

One reason for Discovery+'s minimal presence in recent discussions may be that its value lies more in its cost-effectiveness rather than its user numbers. With practically zero expenses associated with cloud storage through Amazon Web Services and no original programming costs, the service can maintain a low price point without sacrificing profitability.

The fact that WBD did not separate streamers in its quarterly and annual earnings reports suggests that Discovery+ is indeed a profitable venture, even if it's not as prominent as other streaming services.

Discovery+'s relatively low cancellation rate is a significant advantage in the streaming market. This steady revenue stream makes it an attractive asset for Warner Bros. Discovery (WBD), which continues to prioritize its flagship service, HBO Max.

The decision not to separate streamers in WBD's quarterly and annual earnings reports suggests that Discovery+ is indeed profitable, but its role within the company remains unclear. The original plan was for HBO Max/Max to offer almost all the same programming as Discovery+, but this content has been significantly reduced from WBD's main digital platform.

A recent statement from Skydance's press release on the completion of their acquisition may hint at plans for Discovery+. According to the announcement, consumers can expect significant improvements to direct-to-consumer streaming products that will unify into a single service over time. However, Discovery+ was not explicitly mentioned in this statement.

WBD chief financial officer Gunnar Wiedenfels recently highlighted the importance of Discovery+ on an earnings call. He noted that while HBO Max has been the main priority, he wanted to discuss Discovery+ and its role within the company's streaming strategy.

Warner Bros. Discovery's recent merger has brought about significant changes in its streaming strategy. However, it appears that Discovery+ will not be one of the casualties of this consolidation. In fact, Wiedenfels noted that the service still has a dedicated user base and is a profitable business.

This assessment is borne out by Warner Bros. Discovery's own financials, which show that Discovery+ has been generating revenue in certain international territories where it has reopened its buy flow. The service has also leveraged its exclusive pan-European pay-TV and streaming rights for the Olympics through 2032 to attract viewers.

The fact that these rights are now owned by Skydance means that Discovery+ will no longer be the sole beneficiary of this deal. However, this shift in ownership does not necessarily mean that Discovery+ is destined for closure. In fact, Wiedenfels sees opportunities for growth and expansion, particularly given its existing user base.

One key factor influencing Warner Bros. Discovery's priorities is its significant debt load, which stands at $80 billion. As a result, the company is likely to focus on its most lucrative assets first, with Discovery+ potentially taking a backseat in the short term.

Casey Bloys has taken on a significant role within Skydance after being appointed to oversee its streaming business. This expanded responsibility now includes managing Paramount+ and Pluto TV, in addition to his existing duties with HBO Max.

Bloys' appointment marks a notable shift in the company's senior leadership team, as unveiled by WBD's David Ellison on Monday. The move suggests a potential consolidation of efforts, with Discovery+ seemingly taking a backseat in the short term.

The Hollywood Reporter: https://www.hollywoodreporter.com/business/business-news/discovery-plus-future-under-skydance-1236723587/

According to reports, Ellison had previously interacted with Donald Trump on multiple occasions, including attending a UFC fight and hosting a dinner honoring the president. He also attended a state dinner hosted by Trump for Chinese President Xi Jinping, an event that CNN was barred from. However, in a statement to reporters, Ellison insisted that he does not have an unusually close relationship with Trump.

Ellison emphasized his company's goal of maintaining good relationships with all administrations, stating, "We have a good relationship with this administration. We also had a good relationship with the Biden administration." He cited his company's connections with various government officials as evidence of its non-partisan approach, mentioning a "good relationship with Gov.

In response to a question about politics influencing his Warner Bros. deal, Ellison stressed the importance of engaging with all sides of the aisle, saying, It's important to talk to everyone on both sides. His comments came during a press event held on the Paramount lot, where he was addressing concerns surrounding the acquisition of Warner Bros.

Ellison's comments about his relationship with the Trump administration come as the media landscape is increasingly polarized. The presence of other industry figures at high-profile events like the UFC fight has led some to question whether certain executives are too cozy with the president.

This has sparked criticism from both sides, with left-wing advocates calling for entertainment leaders to take a stand and those aligned with the administration singling out executives they disapprove of. Ellison's Skydance team has been through regulatory processes, including the WBD acquisition, which was guided by Makan Delrahim, former Assistant Attorney General at the Justice Department.

In Washington on Tuesday, Trump referred to the Ellisons and their team as terrific people, according to a White House pool report. This praise comes after Ellison's comments about engaging with all sides of the aisle during a press event held on the Paramount lot.

Historically, media executives have sought to maintain good ties with both parties due to the rapidly shifting winds in Washington. However, this approach has become increasingly challenging as the industry grapples with its role in the current political climate.

David Ellison's takeover of CNN has raised concerns about potential interference in editorial decisions, but the mogul insists his track record should allay those fears.

Ellison emphasized that he and his team have not engaged in discussions with any political party regarding news coverage, despite a report last November suggesting otherwise. However, the definition of we" could be crucial in determining the accuracy of this claim.

Ellison's trips to Washington D.C. have been focused on advocating for a federal film tax credit, which he says is a bipartisan issue supported by South Carolina senator Tim Scott.

The acquisition of Paramount by ViacomCBS has been met with a candid assessment from David Ellison, who believes that the film industry's failure to adapt to changing market conditions is responsible for its current state. According to him, major studios like Paramount and Warner Bros. were slow to disrupt their own business models.

Ellison suggests that these companies allowed Netflix and Amazon Prime Video to revolutionize the way people consume content, ultimately paving the way for today's acquisitions. The industry's inability to innovate has led to a significant shift in power dynamics, resulting in major studios being acquired by larger conglomerates.

The Hollywood Reporter: https://www.hollywoodreporter.com/business/business-news/david-ellison-donald-trump-maga-close-larry-1236724162/

These new additions include the Warner Bros. film studio, HBO, CNN, and DC, joining Paramount Pictures, Paramount+, CBS, and several cable networks already under Ellison's purview. The sheer scope of his holdings is staggering, with Skydance now boasting a portfolio that includes multiple studios, streaming services, and news outlets.

Ellison has made no secret of his ambitions for Skydance, which he believes can compete on an equal footing with industry giants like Netflix and Disney. In fact, he claims the combined companies will invest more in content than any other entity worldwide - surpassing even the likes of Disney and Netflix.

To achieve this goal, Ellison plans to focus on both franchise-driven productions and original creative swings that bring something new to the table. When asked how his company would balance its debt burden with this innovative approach, he pointed to 2025's Warner Bros. film "Sinners as an example of what Skydance can achieve.

The success of films like Sinners will be crucial in determining whether Ellison's gamble pays off, and the industry is watching closely to see how Skydance navigates its massive new responsibilities. With a debt of $80 billion hanging over his company's head, there's no room for error.

As Skydance Media looks to expand its film and television production capabilities, the company's leadership has emphasized a commitment to original storytelling.

This commitment was underscored by David Ellison, who revealed that the studio will focus on creating unique stories that capture audiences' imagination. The goal is to produce high-quality content that sets Skydance apart from other industry players.

The departure of Mike De Luca and Pam Abdy, former Warner Bros. film chiefs, marks a significant change in leadership at Skydance Media's motion picture group. They were responsible for overseeing major hits like Sinners, as well as some risky flops, including the recent release Diggers.

Their roles will be taken over by Dana Goldberg and Josh Greenstein, who will oversee both film studios. This move is aimed at streamlining operations and optimizing resources within the company.

Ynon Kreiz, former Mattel boss and new co-CEO of Skydance Media, has outlined a plan for integrating the two studios while maintaining creative independence. He aims to choreograph" release schedules to maximize genre-specific and demographic appeal, driving overall company success.

The merger process was not without its challenges and controversies, according to David Ellison. He acknowledged that some in the creative community expressed concerns and even backlash during this time.

Ellison expressed appreciation for those who supported the merger and recognized the apprehensions of those who were opposed to it. To rebuild trust with the latter group, he pledged to follow through on promises made before the deal was finalized. This includes releasing a significant number of movies each year from the merged studios' combined output.

To achieve this ambitious goal, Ellison stated that Skydance will need to be cautious in its production decisions, particularly when it comes to maintaining high-quality films. Releasing 30 movies annually is an unprecedented feat for any single company, and Skydance aims to set a new standard in the industry while upholding cinematic excellence.

The Hollywood Reporter: https://www.hollywoodreporter.com/movies/movie-news/david-ellison-skydance-will-make-originals-sinners-1236723862/

Ellison was not scheduled to speak at the conference, but he took advantage of the location to pitch his vision for Paramount's future. He emphasized that Skydance is the right owner for the studio, rather than Netflix. Ellison's message resonated with some attendees, who described him as a "man on a mission.

Skydance has made significant strides in recent years under Ellison's leadership. In just over a year and a half, he closed deals to acquire Paramount and Warner Bros., uniting two of Hollywood's most iconic film studios.

Ellison's ambitious plan is now complete, with the acquisition of Warner Bros. finalized. The deal brings together Skydance with Paramount+ and HBO Max, creating a streaming powerhouse that rivals Netflix and Disney in scale.

The combined company has significant momentum, but it also faces major challenges. With an $80 billion debt load, there is little room for error in managing the financials of this massive entity.

As the dust settles on the merger, attention turns to the future of the combined company. Services will be integrated, studios will merge, and organizational structures will be streamlined.

The impact on various divisions within the company will be significant, including CBS News and CNN. The fate of these outlets will need to be determined as part of the integration process.

In the coming months, viewers can expect changes in streaming prices and the types of content offered by the combined company. With a large debt load and a commitment to producing more movies, the challenge for Skydance is clear: deliver on its promises while managing its finances carefully.

The combination of Warner Bros. and Paramount under new ownership will undoubtedly lead to significant changes within the companies. As part of this process, thousands of layoffs are expected as redundancies are eliminated through consolidation.

Ynon Kreiz, a seasoned media executive with experience leading Maker Studios and Endemol, has joined Skydance as co-CEO. He brings a wealth of knowledge from his previous role at Mattel, where he implemented significant changes after becoming CEO in early 2018. His tenure at Mattel was marked by a major overhaul that included slashing 22 percent of the workforce and restructuring the company to focus on digital innovation.

Kreiz's appointment as co-CEO is seen as a strategic move to lead the effort in achieving $6 billion in synergies. This will involve streamlining operations, combining resources, and eliminating inefficiencies across both companies. The goal is to create a more streamlined and efficient organization that can compete effectively in the rapidly changing media landscape.

In an internal email to staff, Ellison and Kreiz outlined their priorities for the new entity. They emphasized the importance of embracing technological advancements to enhance creativity and productivity. However, they also stressed that technology should be used to support artistic endeavors, not drive them.

Gerry Cardinale, the founder of RedBird Capital and operating partner in the deal, recently clarified the nature of the $6 billion in cost savings. He dismissed concerns that this would involve significant job losses, instead suggesting that much of the savings could come from more efficient use of technology stacks, marketing spend, and vendor management.

According to Ellison and Kreiz's joint letter, they aim to go beyond traditional synergies by integrating cutting-edge technologies into their operations. This will enable them to work smarter, move faster, and unlock efficiencies not possible through merger alone.

The reality is that significant layoffs are still expected as the two companies combine. Paramount itself had already cut around 10 percent of its workforce in 2025 in conjunction with the Skydance deal, foreshadowing the scale of the job losses to come.

The new ownership structure of Paramount Pictures and Warner Bros. Discovery is expected to lead to significant cost-cutting measures as the industry adapts to changing market conditions.

Industry insiders believe that the merged entity will need to rationalize its costs in order to remain competitive, a process often referred to as Darwinian evolution". This approach may involve reducing overheads, streamlining operations and eliminating non-essential expenses.

The combined company's real estate footprint is set to shrink, with a particular focus on New York City. The Paramount Times Square headquarters will be retained, along with other notable properties such as the CBS Broadcast Center and Ed Sullivan Theater.

Bank of America analyst Jessica Reif Ehrlich has suggested that the promised cost savings will provide a significant boost to profitability and cash flow generation over time. However, she also notes that realizing synergies in the media industry is often a complex and challenging process.

The integration costs, execution risks and increased leverage associated with the merger are likely to offset some of the benefits in the short term. Nevertheless, consolidation is seen as the only viable path forward for Skydance, given the intense competition and technological disruption facing the industry.

One key aspect of the new strategy will be the expansion of streaming services, which are expected to become the primary economic driver of the combined company. Casey Bloys, who has been appointed to lead streaming operations, brings a wealth of experience from his time at HBO Max.

Bloys' approach is centered on creating popular and engaging content that appeals to a broad audience, as evidenced by shows like The Pitt and The Penguin. This strategy will be crucial in the years ahead, particularly when Taylor Sheridan departs for NBCUniversal in two years.

A key factor in Warner Bros.'s ability to retain talent under its new leadership has been the decision to keep Craig Bloys as president and chief content officer for HBO and Max. Industry insiders believe that his departure would have had a significant impact on the network's stability.

Bloys's presence is seen as crucial in maintaining HBO's identity and cohesion, which could be disrupted if he were to leave. His leadership has been instrumental in shaping the network's content strategy, and his absence would likely be felt throughout the organization.

As Warner Bros. prepares for a new era under its parent company's leadership, the studios will need to focus on developing strategies to meet ambitious production targets. With Pamela Abdy and Mike De Luca departing, James Gunn and Peter Safran will play key roles in stabilizing the studios' operations.

The departure of top executives is creating opportunities for other talent to step up and take on new responsibilities. As Warner Bros. looks to the future, it's clear that a new generation of leaders is emerging to shape the company's direction.

The elevation of DC Entertainment within the Warner Bros. universe is also noteworthy, as it appears to be gaining more autonomy from its parent brand. This shift in dynamics could have significant implications for the way the studios operate and produce content.

CBS News and CNN remain a pressing concern, given the turmoil that has engulfed CBS since Bari Weiss's appointment as editor-in-chief. One of the key challenges facing her is navigating the complex relationship between the two news organizations.

The fact that Thompson has agreed to remain chairman and editor-in-chief of CNN is seen as a significant development, particularly given the concerns about the potential for oversight from CBS News. This arrangement will be crucial in ensuring that the two organizations operate independently and effectively.

Warner Bros. Discovery's financial projections indicate that CNN is expected to generate significant revenue in the coming years. According to documents released by the combined company, CNN is projected to bring in $1.8 billion in 2026, rising to $1.9 billion in 2027 and reaching $2 billion by 2028.

This growth in revenue is expected to continue through 2030, with estimates suggesting that CNN will reach a projected $2.2 billion in revenue during this period. However, the channel's adjusted EBITDA - a key measure of profitability - is also expected to remain strong, with an estimated $600 million in 2026 and flat earnings of $600 million through 2030.

In contrast to other channels within Warner Bros. Discovery's portfolio, which are projected to see significant declines in revenue by 2030, CNN's financial performance is notable for its consistency. The channel's cable peers, which combine for a projected $3.8 billion in EBITDA in 2026, are expected to fall to just $1.9 billion by 2030.

The combined company will need to rely heavily on these profitable channels, including CNN, to generate the revenue necessary to service its massive debt load. With an estimated $80 billion in debt, Warner Bros. Discovery's financial situation is precarious, and cost savings will be crucial in keeping profits flowing.

Combining CBS News with CNN has been touted as a potential source of cost savings, but it remains unclear how this can be achieved while maintaining the editorial independence of both channels. The integration process will undoubtedly be closely watched by viewers, politicians, and industry observers alike.

The editorial independence board, which is responsible for safeguarding the integrity of CNN's reporting, will also come under scrutiny as part of this process. Who will sit on the board, what powers they will wield, and how their decisions will be implemented are all questions that remain unanswered at present.

As the combined company navigates its complex financial landscape, key executives like George Cheeks will hold significant sway over the direction of Warner Bros. Discovery's linear TV operations. With a vast portfolio spanning sports, entertainment, news, and more under his purview, Cheeks' influence will be felt across the entire organization.

Warner Bros. Games will be a key asset for the new owner of Paramount and Warner Bros., providing a vast library of intellectual property to draw from.

The game studio is responsible for hits like Mortal Kombat and games based on popular franchises such as Batman, Harry Potter, and Game of Thrones. This wealth of IP will be further expanded with the combined effort of the new gaming studio launched within Paramount earlier this year, which has partnered with outside companies like Disney to develop additional content.

As one executive from a competing company notes, Warner Bros. Games could become an even more significant contributor to the business than expected, potentially overshadowing the film and TV output. This speculation highlights the potential for the game studio to play a major role in the new owner's overall strategy.

The integration of these assets will be crucial, as Morgan Stanley's Sean Diffley noted on September 22nd. While acknowledging the complexity of combining large media companies, he emphasized that scale and IP are essential in today's fragmented media landscape.

Ultimately, the success of this venture will depend on the ability to manage the $80 billion debt burden while leveraging these valuable assets to create a formidable intellectual property powerhouse.

The Hollywood Reporter: https://www.hollywoodreporter.com/business/business-news/skydance-debt-warner-bros-paramount-1236723298/

The takeover brings together two of Los Angeles' biggest studios, raising concerns about potential job losses and reduced competition in the industry. Critics have long warned that such mergers could harm consumers by limiting choices and driving up prices for streaming services.

The deal will have far-reaching implications for millions of viewers who rely on these entertainment giants for their favorite TV shows and movies. It also puts CNN, one of the largest US news outlets, in a precarious position as it tries to navigate its future amidst this seismic change.

As part of the merger, Paramount Skydance will now own several popular entities, including HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios, and Food Network. This means that iconic franchises such as Harry Potter, Game of Thrones, The Lord of the Rings, and Mission: Impossible are set to come under its umbrella.

The newly formed entertainment giant will be rebranded as Skydance Corporation, a name associated with David Ellison's original company before he acquired Paramount and Warner Bros Discovery.

The takeover process between Paramount and Warner Bros has been marred by controversy throughout its duration.

A bidding war erupted when Netflix initially had a deal to acquire part of Warner Bros Discovery, but Paramount's Skydance launched a competing bid that ultimately led the streaming giant to withdraw from the negotiations.

This move sparked lawsuits in approximately a dozen US states, with California leading the charge, arguing that the merger would stifle competition, drive up consumer prices, and cause significant harm to movie theaters, cable distributors, and audiences nationwide.

The state governments' concerns were addressed last month when they reached a settlement with Paramount and David Ellison, paving the way for the merger to proceed.

As part of the deal, Paramount has agreed to establish an independent board to oversee news editorial operations at CNN and CBS, ensuring that reporting remains fact-based, objective, and unbiased.

The studio's recent lack of success in securing Academy nominations has been a concern, with its last win coming in 2022 for Top Gun: Maverick.

California Attorney General Rob Bonta believes that the merged studios will be able to produce more substantial films that contribute significantly to local economies and create jobs. He credits this potential outcome to the deal's strict requirements.

To prevent Paramount from meeting its annual quota with low-budget or automated content, the agreement includes measures against AI-generated films. This ensures that films produced by the studio are of a certain standard.

The deal also requires Paramount to release at least 30 films each year and to increase domestic film production over time, with at least 20% of all production taking place in the US for the first two years, rising to over 30% thereafter.

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The takeover was initiated by David Ellison, founder of Skydance, who aimed to bring together two of Hollywood's most iconic institutions under one roof. Despite initial rejections and a subsequent bidding war, Ellison remained committed to his vision, eventually securing the necessary regulatory approvals.

A major hurdle in the acquisition process came from state attorneys general, who filed an antitrust challenge against Paramount's bid. However, the parties involved were able to reach a timely settlement, paving the way for the deal's completion.

The combined company will be renamed Skydance and trade under the ticker symbol "SKYD. This new entity will control nearly one-third of basic cable programming and bring together two of the most storied film studios in Hollywood.

Warner Bros. Discovery had announced its plan to split into two public companies as far back as June 9, 2025. The company aimed to separate its movie properties and streaming platform from its cable channels, a move that reflected the broader shift towards streaming media.

The separation of WBD's assets was followed by a series of investments made by David Ellison, who acquired multiyear rights for TKO Group's UFC in an $7.7 billion deal on August 7, 2025. This marked just one of several significant deals made by Ellison as he outlined his plan to define the next era of entertainment in a letter to shareholders.

The acquisition of Warner Bros. Discovery by Paramount was a long time coming, with the latter company making its intentions clear in early September 2025 when it announced plans to bid on the former. This marked a significant turning point for both companies, as their stocks saw a surge in value following the news.

Warner Bros. Discovery had previously stated its intention to split into two separate entities, but this plan was put on hold as the company considered alternative options. In late September and early October 2025, Paramount made three takeover bids, with the third offer being for slightly less than $24 per share and consisting of 80% cash.

Warner Bros. Discovery initially rejected these offers, but its stance changed in mid-October when it announced that it was open to a sale after receiving unsolicited interest from multiple parties. This move marked a significant shift in the company's strategy, as it began to consider alternative options for its future.

As the bidding process continued, several other companies emerged as potential suitors for Warner Bros. Discovery. Comcast and Netflix were among those interested in acquiring the company's assets, with Paramount Skydance submitting a bid for the entirety of WBD. This marked a significant escalation of the bidding war, as multiple companies vied for control of the media giant.

The competition between these bidders continued to intensify in December 2025, with Netflix announcing that it had reached a deal to acquire Warner Bros. Discovery's film and streaming assets. The value of this deal was estimated to be nearly $83 billion on an enterprise basis, marking one of the largest acquisitions in the history of the media industry.

The announcement of this deal sparked controversy, as attorneys from Paramount Skydance questioned the fairness and adequacy of the sale process and accused Warner Bros. Discovery of favoring Netflix over other bidders. This move marked a significant escalation of tensions between the two companies, as they prepared for the final stages of the acquisition process.

Paramount's aggressive pursuit of Warner Bros. Discovery continued on January 7th as the company rejected Paramount's offer for a second time. Despite earlier assurances from billionaire Larry Ellison to backstop the financing, the WBD board stood firm in its decision to stick with the Netflix agreement.

In a surprising move, Warner Bros. Discovery doubled down on its deal with Netflix by unanimously recommending that shareholders reject Paramount's takeover bid. This marked a significant escalation of tensions between the two companies as they navigated the final stages of the acquisition process.

Paramount responded swiftly to WBD's rejection by filing a lawsuit against the company and its CEO, Zaslav. The lawsuit sought to compel WBD to provide more transparent information about its decision-making process in choosing Netflix over Paramount.

The court case highlighted the intense rivalry between the two companies as they vied for control of Warner Bros. Discovery's vast portfolio of assets. Paramount accused WBD of failing to disclose key details about its negotiations with Netflix, sparking a heated debate over transparency and corporate governance.

Meanwhile, Netflix made a crucial move by amending its offer for WBD assets from an equity deal to an all-cash transaction. The revised bid saw Netflix agree to pay $27.75 per WBD share in cash, marking a significant concession to the company's shareholders.

In response to WBD's rejection and Netflix's revised offer, Paramount announced plans to sweeten its own bid by introducing a ticking fee" for delayed regulatory approval. This move aimed to reassure investors that a Paramount-WBD deal would be completed swiftly, minimizing any potential losses from delays in the acquisition process.

The road to completion for Paramount's acquisition of Warner Bros. Discovery (WBD) was not without its twists and turns. In February 2026, Netflix granted a seven-day waiver to WBD, allowing it to reopen deal talks with Paramount. This move gave the parties more time to negotiate.

Paramount seized the opportunity and increased its offer to $31 per share in cash on February 24, 2026. The revised bid was enough to persuade WBD to drop its earlier agreement with Netflix. The streaming giant's deal for WBD ultimately fell through when it declined to match Paramount's new offer of $31 per share.

With the road clear after Netflix's withdrawal, Paramount and WBD entered a definitive merger agreement on February 27, 2026. This marked a significant turning point in the acquisition process, paving the way for further regulatory approvals.

Warner Bros. Discovery shareholders gave their seal of approval to the deal on April 23, 2026, voting in favor of Paramount's acquisition. The company received another crucial boost when the Department of Justice approved the merger on June 12, 2026.

However, not everyone was pleased with the development. A group of state attorneys general, led by California's Rob Bonta, filed a lawsuit to block the merger over antitrust concerns in July 2026. The lawsuit claimed that the combined entity would lead to higher prices and lower-quality content for consumers.

European Union antitrust regulators took a different view, approving Paramount's acquisition of WBD on July 22, 2026. While the approval was conditional, with Paramount agreeing to divest its stake in United International Pictures and refrain from film distribution deals with Universal in Europe for 10 years, it marked a significant milestone for the deal.

The final hurdle in Paramount's takeover of Warner Bros. Discovery was cleared on September 21, 2026, when the media giant settled a lawsuit with state attorneys general. This settlement paved the way for the merger to proceed without any further obstacles.

The agreement included specific stipulations regarding the number of theatrical films that the combined company would release annually and the minimum budget required for those productions. These conditions were crucial in addressing concerns raised by regulators about the potential impact on competition in the market.

With the lawsuit settled, Paramount moved swiftly to announce its leadership team for the merged entity. On October 2, 2026, CEO David Ellison revealed that the combined company would be named Skydance upon closure, allowing Paramount and Warner Bros. Discovery to maintain their distinct brand identities.

As part of the leadership announcements, Ellison introduced his co-CEO, Ynon Kreiz, a seasoned executive with a reputation for turning around struggling companies. Kreiz previously oversaw Mattel's expansion into entertainment, including the successful film adaptation of Barbie in 2023.

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This massive media conglomerate will bring together some of Hollywood's most iconic film studios, including Paramount and Warner Bros., under one roof. It will also incorporate the CBS broadcast network, a diverse portfolio of pay-TV networks such as CNN, TNT, MTV, and BET, and popular streaming services like Paramount+ and HBO Max.

In a significant move to ensure the success of this new entity, David Ellison has appointed Ynon Kreiz, the outgoing CEO of Mattel, as co-CEO. This decision highlights concerns about Ellison's ability to lead such a massive media operation, despite his financial prowess in acquiring these assets.

Ellison's background is in technology and finance, not traditional media management. His experience lies in producing hit films like "Mission: Impossible" and "Top Gun: Maverick, but he has had limited success in managing the entire media landscape.

In recent months, Ellison has been on a buying spree, acquiring Paramount for around $8 billion and waging a high-stakes bidding war to merge Warner Bros. Discovery with Skydance. The final deal is worth roughly $110 billion and will create one of the largest media companies in the world upon completion.

Ynon Kreiz brings over three decades of experience to this new role, having worked in various capacities within the entertainment industry. His recent stint as CEO of Mattel has given him a reputation as a turnaround expert, but his roots lie in the world of entertainment.

Ynon Kreiz is set to join Paramount Skydance on Monday as a new addition to the team, and will become co-CEO of the merged entity on Tuesday following the completion of the deal.

Kreiz's appointment has been met with both praise and skepticism from Wall Street analysts, who have questioned whether his experience in reviving Mattel through cost-cutting measures is sufficient to navigate Skydance through this major merger.

Analysts at Citizens Bank have expressed a positive view of Kreiz's appointment, citing his operating expertise and brand/IP focus as key assets that will help lead the integration of Paramount Skydance and Warner Bros. Discovery.

In a research note published recently, Matthew Condon highlighted Kreiz's unique qualifications for the role, stating that he is well-positioned to build a best-in-class content and IP platform for the combined business.

However, not all analysts are convinced by Kreiz's appointment, with some questioning whether his background in entertainment is enough to handle the complexities of this merger.

In a separate research note, Matthew Dolgin of Morningstar noted that while Kreiz has extensive experience in media and entertainment, he may not be the best choice for this specific task.

Prior to his stint at Mattel, Kreiz had a long and varied career in the entertainment industry, having served as CEO and chairman of Maker Studios before its acquisition by Disney in 2014.

Mattel's turnaround under Kreiz's leadership has been widely recognized by industry analysts. The company had faced significant challenges after the bankruptcy of Toys R Us, a major customer, and its own revenue had declined for four years in a row.

Kreiz made several key decisions to turn Mattel around, including eliminating thousands of product SKUs, which helped reduce costs and increase efficiency. He also restructured the company's supply chain, closed manufacturing facilities, and reduced the workforce by 2,200 employees.

These cost-cutting measures were instrumental in creating a more agile and competitive business. Kreiz prioritized generating free cash flow and paying down debt, which had become a major burden for the company.

As part of his efforts to strengthen Mattel's financial position, Kreiz implemented significant changes to the company's operations. He reduced the number of toys produced, streamlined production processes, and closed underperforming facilities.

Kreiz's focus on creating value through operational improvements has been a key factor in his success at Mattel. His experience in turning around a struggling company will likely be invaluable as he takes on the co-CEO role at Skydance.

Industry experts believe that Kreiz's skills in restructuring and developing intellectual property will serve him well in leading the integration of Paramount, Skydance, and WBD. They expect him to leverage his expertise to drive cost synergies and build a world-class content platform.

The entertainment strategy implemented by Ynon Kreiz at Mattel has been a double-edged sword for the company. On one hand, the launch of an in-house film division led to the creation of the highly successful Barbie" movie, which generated over $1.4 billion at the global box office.

The film's success was attributed to its partnership with Warner Bros., but it had a limited impact on Mattel's bottom line. The company reported only a modest revenue boost of $150 million in fiscal 2023, the year the film was released.

Despite the movie's massive box office haul, Mattel's operating profit growth stalled, and Barbie brand revenue declined significantly. According to analysts, this suggests that Kreiz's focus on entertainment may have come at the expense of toy innovation and sales.

Some Wall Street experts argue that Kreiz became too enamored with the film side of Mattel's business, neglecting other areas of the company. This led to stagnation in earnings, a flat top line, and slower growth in margins and innovation.

Mattel's stock performance under Kreiz's leadership has been mixed at best. While shares roughly doubled during his tenure, they ultimately fell back to around $15 apiece.

The stagnation in Mattel's business has raised questions about the company's ability to adapt to changing market conditions. Analysts warn that a prolonged focus on entertainment may hinder the company's growth prospects and lead to further decline in its stock price.

The appointment of Ynon Kreiz as co-CEO at Skydance has been seen as a strategic move by David Ellison to bolster his new entertainment empire. However, some analysts have expressed concerns that Kreiz's past experience may not be directly applicable to the merged entity.

Kreiz's track record at Mattel, where he attempted to transform the company into an IP-driven toy manufacturer, has been met with lukewarm results. Despite this, analysts believe that Kreiz brings valuable expertise in managing large-scale entertainment companies and navigating complex merger processes.

The upcoming combination of Paramount and Warner Bros. Discovery under Skydance is expected to be a lengthy process, taking between two and three years to complete according to some estimates. The merged entity will face significant challenges as it attempts to realize $6 billion in cost savings within three years of closing the deal.

The combined company will inherit around $79 billion in debt once the transaction is finalized, adding to the pressure on Ellison and Kreiz to deliver results. To achieve its target, Paramount Skydance plans to cut costs across various areas, with a focus on non-labor expenses.

In film production, Skydance will have access to the resources of both Warner Bros. and Paramount studios, as well as the DC studio. However, meeting lofty production targets while absorbing cost cuts may prove challenging for the merged entity.

To address antitrust concerns, Paramount Skydance has agreed to release a significant number of films into theaters each year over the next few years. While this move is intended to settle lawsuits and alleviate regulatory scrutiny, it remains unclear how much cost-cutting will be possible without compromising film production targets or quality.

The agreement between Skydance and CBS to combine operations has brought about some relief for writers on the broadcast team, who will be protected from layoffs for at least five years.

Meanwhile, a report by the Los Angeles Department of Economic Opportunity suggests that 4,500 film and TV jobs in the county are at risk over a three-year period. The massive integration task ahead of new co-CEO Ynon Kreiz is already being acknowledged as a significant challenge.

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