After a fraught fight, Paramount-Warner Bros. transaction closes
David Ellison emerged with his prized Hollywood juggernaut Tuesday as the merger of Paramount Skydance and Warner Bros. Discovery officially closed.
The $111-billion transaction culminated a year-long battle by the 43-year-old tech scion to add Warner Bros. Discovery to his family’s growing portfolio.
The Ellison family now controls one of the largest traditional media companies ever formed, with HBO, CNN, CBS, Comedy Central, TBS, Food Network, two traditional Hollywood studios and two major streaming services.
Shares of the new company began trading under the ticker SKYD, a switch from last week when the company went by PSKY for Paramount Skydance. Ellison has called the merged company, Skydance, the name he selected two decades ago when he began building his Hollywood studio.
This is a developing story.