Paramount completes acquisition of WBD

(NBC, KYMA) - Paramount announced it has completed its blockbuster $110 billion takeover of Warner Bros. Discovery Tuesday, creating a Hollywood heavyweight called Skydance.

CEO David Ellison will now head up one of the world's largest entertainment companies.

The deal brings together the studios behind "Mission: Impossible," "Harry Potter" and DC Studios alongside major television and streaming networks such as CBS, CNN, Paramount+ and HBO Max, forming an expansive entertainment company spanning film, TV and news.

"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."

David Ellison, Chairman and CEO of Skydance

Shares of Skydance will be available on the New York Stock Exchange beginning Tuesday with the stock symbol, "SKYD."

A myriad of concerns ranging from declining cable-TV subscriptions, high cost of competing for streaming audiences and persistent pressure from unions over jobs and creative workers' rights had stalled the acquisition.

However, those issues have apparently been addressed.

Also, settlements with a coalition of U.S. states and a Hollywood writers union removed additional legal barriers to the deal.

The day before the deal's completion, Ellison and Ynon Kreiz, Skydance's co-CEO, announced their leadership team, with Mark Thompson remaining as Chairman and Editor-in-Chief of CNN and Bari Weiss remaining as Editor-In-Chief of CBS News.