Preview:
- Paramount and Warner Bros. are cleared to merge.
- The new company will be simply known as Skydance.
- Several notable Warner Bros. executives are leaving.
First it seemed inevitable that Netflix would be buying Warner Bros. But then, in a surprise move back in February, it emerged that Warners’ shareholders had opted instead to welcome an offer from David Ellison’s Paramount Skydance.
Now, following protracted legal arguments and attempts to block the merger, the deal has cleared its hurdles and Paramount and Warner Bros. will officially united under the Skydance name on October 6th.
The move comes with some changes –– HBO boss Casey Bloys will oversee all the streaming aspects, while Warner Bros. movie chiefs Michael De Luca and Pamela Abdy are leaving, potentially and ironically for a deal at Netflix.
Related Article: Netflix Out of Bidding War for Warner Bros., Paramount Seemingly Wins
What’s next for Paramount and Warners?
Skydance now covers not only Paramount and its associated companies such as CBS but also Warner Bros. and HBO and popular cable networks including CNN, TNT, TBS and Food Network.
The deal represents a major ground shift for the entertainment industry, which is trying to adapt to seismic shifts in audience habits and technology.
Skydance boss David Ellison on the new company
Here’s what Ellison had to say about the latest media corporate behemoth:
“We chose this name for a few important reasons. First and foremost, as we bring Paramount and Warner Bros. together, we wanted to preserve what has made each of these studios iconic. Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations. We never wanted a new corporate identity to diminish, alter or overshadow either one.”
