Merger between Paramount and WBD moves forward
(CNN, KYMA) - The merger between Paramount Skydance and Warner Bros. Discovery (WBD) is officially a go.
A federal judge signed off on the settlement of an antitrust lawsuit filed by 12 state attorneys general Wednesday.
After the judge signed off on the settlement, California Attorney General Rob Bonta said, "We are pleased the court has approved our settlement. Our settlement with Paramount resolves our antitrust concerns in every market we brought in our case, protects competition and consumer choice, and centers the needs, concerns, and futures of California workers."
This comes a couple of days after Paramount and the state attorneys general responded to Sen. Cory Booker's (D-N.J.) concerns regarding the settlement.
Paramount and WBD intend to close on the transaction next week, with the new name of the combined company being announced as soon as Thursday.
The merger brings together the movie studios of Warner Bros. and Paramount, as well as streaming platforms HBO Max and Paramount+. It also puts CNN and CBS News under the same corporate roof.
Paramount CEO David Ellison announced Wednesday he is hiring Ynon Kriez as a co-CEO for the combined company.
"Bringing together Paramount and Warner Bros. Discovery to create a next-generation global media company is a transformational moment for our industry. Leading it takes a rare combination of strategic vision, operational depth and experience running a public company at the highest levels of media. Ynon brings all three," Ellison spoke. "In Ynon, I'm adding a partner with strong leadership and the operating firepower this integration demands. It's a division of labor built on our complementary strengths, with clear reporting lines and it lets me focus where I can contribute most: long-term strategy, the company's overall creative direction, talent relationships, strategic partnerships, technology and capital allocation. We're like-minded, we see this business the same way and there's no one I'd rather partner with. Together we'll build one integrated company that is creator-first, tech-forward and built to scale globally."
"I'm excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision," Kriez, who is currently the CEO of Mattel. "I very much share that vision, and I'm inspired by what we can accomplish together. The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models. I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach. We will continue empowering creators, make this company a greenfield for innovation and storytelling, and collaborate with key partners to reach and engage fans worldwide."
