Paramount and WBD merger finalized with new name 'Skydance' set to launch on October 6

The merger between Paramount Skydance and Warner Bros. Discovery (WBD) has received final court approval. The newly merged company's name has been confirmed as 'Skydance', with the official launch contract scheduled for October 6.

According to reports from Variety and others on October 2, the merger, valued at 111 billion USD, completed its final procedural step with court approval on September 30.

The establishment contract for the new company is set to be signed on October 6, with the name 'Skydance' officially decided.

David Ellison, CEO of Paramount, has named the new entity after his former parent company, film production company Skydance Media. Once the acquisition is finalized, the merged company will utilize the Skydance name and logo, which started as a small studio.

Leadership will consist of Ellison as CEO and former Mattel CEO Ynon Kreiz as co-CEO. Reports suggest that Casey Bloys, HBO Chairman, will oversee the streaming programming division.

David Zaslav, CEO of WBD, is expected to leave the company with a severance package estimated at over 550 million USD.

Initially opposed by a coalition of state attorneys general led by Rob Bonta, Paramount ultimately secured final regulatory approval after ongoing discussions and agreements. The merger will incorporate WBD's content, including 'Harry Potter', 'The Lord of the Rings', and DC Comics, as well as channels like HBO and CNN.

However, as part of the agreement with state attorneys general, Skydance must establish an independent editorial oversight committee for CNN CBS News.

Additionally, they are required to invest at least 1.5 billion USD in film production over the next five years, based on production spending in the U.S. in 2025, while Paramount and WBD studios will continue to operate under their existing names.

Ellison stated, "We have big goals for Skydance and will pursue these ambitions based on passion, imagination, and a willingness to take risks," adding that the two studios will grow and tell great stories to audiences worldwide.

Reported by ZDNet Korea.