Paramount completes $111B Warner merger, creating “Skydance” behemoth
Summary
Paramount and Warner Bros. Discovery completed a $111 billion merger to form Skydance, uniting Paramount+, HBO Max, CBS, CNN, and live sports. The deal faced antitrust scrutiny but proceeded after settlements and regulatory approvals; Skydance is expected to carry about $80 billion in debt and will undergo governance changes, including an Editorial Independence Board for CBS News and CNN.