Paramount completed its acquisition of Warner Bros. Discovery on Tuesday, creating a new entertainment behemoth and one of the biggest media mergers of all time. The deal closed following a fierce bidding war and a hostile takeover bid by billionaire David Ellison's Skydance, which defeated rival efforts from Netflix.
The merger was finalized after federal approval of a settlement between Paramount and 12 US states that had attempted to block the transaction on antitrust grounds. The acquisition follows months of legal disputes and concerns over competition.
The new megacorporation, under the control of the Trump-linked Ellison family, unites two prominent Hollywood film and television studios. The conglomerate now includes news operations CBS News and CNN, along with cable networks such as Comedy Central and TNT.
The consolidation has sparked warnings within the movie industry regarding potential job cuts. Additionally, media groups have expressed concerns that the independence of CNN could be compromised under the new ownership.