A California judge granted final formal approval for Paramount Skydance’s $110 billion acquisition of Warner Bros. Discovery, clearing the last hurdle for the merger. The deal brings Paramount Pictures, Warner Bros. Pictures, CBS, CNN, HBO and Discovery under one roof, creating a major player in traditional media and streaming.
Paramount Skydance CEO David Ellison announced that Mattel CEO Ynon Kreiz will join the combined company as co-CEO. Ellison will focus on long-term strategy and creative vision, while Kreiz will oversee day-to-day management and integration of the media assets.
The merger had previously received approval from the US Justice Department and the European Commission. It is expected to close on October 6th.