It’s done. And Hollywood will never be the same. Today Paramount Skydance Chairman and CEO David Ellison formally closed his mega $110-billion dollar purchase of Warner Bros. Discovery. The two iconic companies will now operate under the singular Skydance banner.
More than a year and a half after Netflix believed it had a deal in place to purchase Warner Bros. Discovery, the company now belongs to Paramount Skydance. Following 12 Attorneys Generals’ surprise deal to let the merger go through and a judge dismissing the last standing challenge, David Ellison now controls two of the biggest studios in the world. In a statement, he shared his thoughts on the closing of the mega-deal and what it means.
Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.
The Mega-Deal Between Paramount and Warner Bros. Is Be Done, But Skydance’s Impact on Hollywood Is Only Beginning
No question this is a “historic day” for Hollywood. As for the rest of what he said about the closing of this Paramount and Warner Bros. merger, that is all very much up in the air. What seems certain is that a lot of people are going to lose their jobs because of the merger. In the press release announcing the closing of the deal, Skydance mentioned it is “targeting at least $6 billion in run-rate synergies within three years.” That might make traders on the New York Stock Exchange happy, as Skydance began selling there today. But for many in the industry, it’s going to upend their lives.
It’s also hard to take the mention of competition seriously, as Skydance itself noted the company’s many (some might say “monopolistic-level”) assets. It has “two major film studios, two global streaming services, premier television assets including CBS, HBO, and Paramount’s and Warner Bros’ cable networks, two of the industry’s most recognized news networks, CBS News and CNN, and a leading content portfolio that includes live sports, a deep programming library and expansive collection of iconic brands and franchises.”
While Skydance also says it will abide by its deals with AGs and produce “30 high-quality theatrical films per year and 180+ television shows and series” in exchange for this merger of Paramount and Warner Bros., that won’t mean anything until/unless that actually happens. (And we’ll see if the company even can, considering the astronomical purchase price.)
The Paramount and Warner Bros. deal might be done, but what this all truly means for Hollywood is just starting.
The post Paramount Takes Over Warner Bros, Skydance Closes Mega Deal appeared first on Nerdist.
This articles is written by : Fady Askharoun Samy Askharoun
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