Paramount completes takeover of Warner Bros to become one Hollywood giant known as Skydance

CHICAGO (AP) – It's official: Skydance-owned Paramount closed its US$81 billion takeover of Warner Bros. Discovery on Tuesday, ushering in a new Hollywood giant.

The merger brings two of America's oldest moviemaking studios together under a new name: Skydance. The deal, which followed a tumultuous, roughly yearlong fight, further concentrates power in an industry already run by just a handful of major players.

HBO Max, titles ranging from 'Harry Potter' to 'Sinners' and networks such as CNN now find themselves under the same roof as Paramount+, CBS and the likes of 'Top Gun' and 'The Godfather'. All are under the helm of billionaire David Ellison and his new co-CEO Ynon Kreiz.