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Paramount Closes Deal for Warner Bros. Discovery, Creating Media Behemoth

The New York Times · Benjamin Mullin · last updated

After a legal battle, the two Hollywood giants have become one. But the new company is saddled with debt, and in a memo to employees, its leaders hinted at cost cuts.

Paramount closed its deal to acquire Warner Bros. Discovery on Tuesday, putting the tech scion David Ellison in control of a vast media empire that oversees many of Hollywood’s most valuable properties.

The deal immediately catapults the combined company, now called Skydance, to the front rank of competitors alongside streaming titans like Netflix and YouTube, just behind giants like Disney and Amazon.

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