Paramount completes Warner takeover, creating Skydance

Paramount on Tuesday completed its takeover of Warner Bros Discovery, uniting two of Hollywood's most storied studios in a media empire spanning television, news and cinema under the control of David Ellison. The combined company, renamed Skydance, brings together Paramount Pictures and Warner Bros Pictures, the CBS News and CNN networks, and the HBO and CBS television brands. Ellison plans to eventually merge the Paramount+ and HBO Max streaming services. "Today is a historic day, not just for Skydance but for our entire industry," said Ellison. His ultra-wealthy family's ties to US President Donald Trump have raised concerns among critics that the new Hollywood giant will toe the White House line in its news coverage. "It's going to be a great company," Trump told reporters on Tuesday as he left the White House. The new company faces considerable challenges, with the entertainment industry in flux as streaming services and YouTube draw viewers away from traditional TV and movie theatre audiences dwindle. Skydance shares ended their first day trading down 2.7 percent on the New York Stock Exchange under the ticker "SKYD." The deal closed less than a week after a federal judge in California approved a settlement between Paramount and 12 US states that had sued to block...