21:10Machine-translated from Azerbaijani by AIRead in Azerbaijani
Paramount and Warner Bros. Discovery to Merge and Operate as Skydance
“Paramount” and “Warner Bros. Discovery” will operate under the name “Skydance” after they merge. David Ellison, CEO of “Paramount Skydance,” announced the new name. The deal, valued at approximately 110 billion dollars (approximately 187 billion manats), is expected to be completed on October 6. This will bring 2 of Hollywood’s major studios together under the same company.
The “Paramount+” and “HBO Max” platforms will come under the management of the new company. The “CBS,” “CNN,” “MTV,” “TBS,” “Comedy Central,” and “Food Network” television channels will also become part of the company. “Skydance” will also oversee popular franchises such as “Harry Potter,” “The Lord of the Rings,” “Game of Thrones,” “DC Universe,” and “Yellowstone.” However, the studios will retain their current names.
The merger is taking place after a prolonged corporate and legal battle. “Netflix” had previously reached an agreement to acquire the “Warner Bros.” studio and its broadcasting business. However, “Paramount’s” broader offer later took the lead. 12 states, including California, had filed a lawsuit arguing that the deal could weaken competition. A judge approved the parties’ agreement this week, removing the final major obstacle.
Under the terms of the deal, “Paramount” must release a certain number of films in theaters over the next 5 years. During the first 2 years, the company must release 30 films in theaters each year. A news independence board has also been established amid concerns about the independence of the “CNN” and “CBS News” newsrooms. The board will oversee the editorial operations of both news organizations.
The name “Skydance” comes from the production company David Ellison founded in 2006. Ellison said they do not want the new corporate name to overshadow the “Paramount” and “Warner Bros.” brands. Ynon Kreiz, the former chairman and CEO of “Mattel,” has been appointed co-CEO of the new company. Once the merger is completed, he will manage the larger company alongside Ellison.