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Skydance closes $81 billion takeover of Warner Bros. Discovery
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Skydance-owned Paramount closed its $81 billion takeover of Warner Bros. Discovery on Tuesday, creating a company that takes the Skydance name. The combined business holds Paramount Pictures and Warner Bros., streaming services HBO Max, Paramount+, Pluto TV and Discovery+, and networks including CNN, CBS and TNT. It will be led by David Ellison as CEO with former Mattel chief Ynon Kreiz as co-CEO.
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Skydance-owned Paramount closed its $81 billion takeover of Warner Bros. Discovery on Tuesday, ushering in a newly combined company that takes the name Skydance, AP reported. AP said the acquisition amounts to nearly $111 billion including billions of dollars in debt, while Business Insider reported the purchase at $110 billion. Reuters also reported the completion of the takeover. [ 1 , 2 , 3 ]
AP said the merger brings two of America's oldest moviemaking studios together. Business Insider reported that the combined company controls Paramount Pictures and the Warner Bros. studio; the streaming services HBO Max, Paramount+, Pluto TV and Discovery+; and TV networks including HBO, CBS, CNN, TNT, HGTV and The Food Network. AP noted that HBO Max, titles ranging from “Harry Potter” to “Sinners” and networks such as CNN are now under the same roof as Paramount+, CBS and titles such as “Top Gun” and “The Godfather.” [ 1 , 2 ]
David Ellison, who leads the company as CEO, said: “Today is a historic day, not just for Skydance but for our entire industry,” adding, “We couldn't be more excited to get to work.” Business Insider reported that Ellison will be in charge of creative and tech strategy while Ynon Kreiz, the former Mattel CEO, joins as co-CEO handling merger integration and day-to-day operations. [ 1 , 2 ]
Business Insider reported that Casey Bloys, the head of HBO, will lead the combined company's streaming strategy after Paramount streaming chief Cindy Holland stepped down, that CNN CEO Mark Thompson is staying on, and that Bari Weiss is heading CBS News. [ 2 ]
AP reported that Ellison's Skydance bought Paramount for $8 billion last year before setting its sights on Warner, and that what followed became a tumultuous, roughly yearlong fight over the studio. Business Insider said Skydance Media, the production company Ellison started in 2006 and which was behind films including “Top Gun: Maverick,” merged with Paramount last August, and that Ellison was backed by the fortune of his billionaire father Larry Ellison, financial partners such as RedBird Capital and three Middle East wealth funds from Saudi Arabia, Qatar and Abu Dhabi. [ 1 , 2 ]
Business Insider reported that the new company faces challenges including a large debt load and stiff competition in streaming, and that even combined, Paramount+ and HBO Max lack the viewership of Disney or Netflix, let alone YouTube. Media analyst Rich Greenfield of Lightshed Partners was quoted saying of Ellison's streaming mission: “It's a war for time spent, you're chasing the juggernaut in the space, which is YouTube.” AP noted that politics also loomed over the deal, though the text provided ends there. [ 1 , 2 ]
Почему это важно
The deal combines two of America's oldest moviemaking studios and concentrates a large set of film, streaming and television assets under one owner, which the documents describe as further concentrating power in an industry already run by a handful of big players. Business Insider reported the new company could rival Disney and Netflix in size and cultural influence, while facing a heavy debt load and competition for viewers.
Ключевые факты
- Skydance-owned Paramount closed its $81 billion takeover of Warner Bros. Discovery on Tuesday. [ 1 ]
- AP put the acquisition at nearly $111 billion including billions of dollars in debt, while Business Insider reported a purchase value of $110 billion. [ 1 , 2 ]
- The combined company is called Skydance and brings two of America's oldest moviemaking studios together. [ 1 , 2 ]
- David Ellison is CEO and Ynon Kreiz, the former Mattel CEO, joins as co-CEO. [ 1 , 2 ]
- Skydance bought Paramount for $8 billion last year before pursuing Warner Bros. Discovery, following a roughly yearlong fight, according to AP. [ 1 ]
- The combined company controls streaming services HBO Max, Paramount+, Pluto TV and Discovery+, and TV networks including HBO, CBS, CNN, TNT, HGTV and The Food Network. [ 2 ]
- Business Insider reported the new Skydance will be backed by the fortune of Larry Ellison and financial partners including RedBird Capital and Middle East wealth funds from Saudi Arabia, Qatar and Abu Dhabi. [ 2 ]
- Reuters also reported the closing of the Skydance takeover of Warner Bros. [ 3 ]
Подтверждено несколькими источниками
Пока неясно
- The value of the deal: AP says the acquisition amounts to nearly $111 billion including debt, while Business Insider reports $110 billion. The two documents give different totals for the same transaction and neither explains the difference.
- AP's report refers to politics looming over the deal, but the text provided ends mid-sentence. The documents as provided do not state what political issues were involved or how they were resolved.
- Terms of the merger integration, including any job cuts or divestitures, are not described. No document states integration terms beyond the executive appointments.