Well, like it or not, it's happening.
It's been announced today that Skydance Corporation (Paramount) has completed its acquisition of Warner Bros. Discovery, creating a combined company named "Skydance." Netflix, who?
The company brings together two major film studios, two global streaming services, a premier television portfolio including CBS, HBO, and Paramount's and WBD's cable networks, two of the industry's most recognised news networks, CBS News and CNN, and a portfolio of live sports including CBS Sports and TNT Sports, as well as a deep programming library and expansive collection of brands and franchises.
The $110 billion transaction closed following receipt of all required regulatory approvals under the merger agreement and satisfaction of other customary closing conditions.
David Ellison, Chairman and CEO of Skydance, said, "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."
He continued, "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."
Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, added, "This is a defining moment for the industry. By applying our owner-operator model to Paramount and WBD's unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that's undergoing transformational change."
"David, our Co-CEO Ynon Kreiz, and the rest of our world-class Skydance team have the vision and track record to lead through this change. We're proud to back them as we build a stronger Hollywood, expand opportunities for talent, and create long-term value for our shareholders," he concluded.
As we reported earlier this week, James Gunn and Peter Safran will remain in charge of DC Studios. Their contract status isn't clear, though it's previously been reported that their current deals are in place until April 2027.
In terms of film rights, Skydance now owns the rights to franchises like Star Trek, DC Comics, Harry Potter, Transformers, Game of Thrones, Mission: Impossible, The Lord of the Rings, and Teenage Mutant Ninja Turtles. It will also hold the distribution rights to Dune, Minecraft, and the MonsterVerse.
That barely scratches the surface, and Skydance is now one of the biggest media conglomerates in the world.