--- title: "Paramount and Warner Bros. Discovery Complete Merger" url: https://noti.group/paramount-and-warner-bros-discovery-complete-merger/ language: en publisher: "Noti Group" section: "Business" published: 2026-10-08T15:50:00.000Z updated: 2026-10-08T22:30:52.931Z id: 0ce04bcb-f2e1-463b-aadc-3b4391ae5909 source: "CNBC https://www.cnbc.com/2026/10/08/skydance-co-ceos-ellison-kreiz.html" attribution: "Link to https://noti.group/paramount-and-warner-bros-discovery-complete-merger/ and name Noti Group when you quote or summarize this story." --- # Paramount and Warner Bros. Discovery Complete Merger The merged entity encompasses a broad range of media assets, including film studios Paramount and Warner Bros., as well as the CBS broadcast network. Skydance co-CEO David Ellison expressed optimism about the combined company's prospects, saying it is "positioned to win in every single vertical that we operate in". This statement comes after Paramount completed its acquisition of Warner Bros. Discovery. 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. --- Source: [CNBC](https://www.cnbc.com/2026/10/08/skydance-co-ceos-ellison-kreiz.html) Published by Noti Group: https://noti.group/paramount-and-warner-bros-discovery-complete-merger/