Film studios Paramount and Warner Bros. Completed a large-scale merger, becoming Skydance

This week, Paramount Skydance completed its takeover of Warner Bros. Discovery for $110 billion, creating a new company, writes sb.by.

The deal brings together the studios behind Mission Impossible, Harry Potter and DC Studios, as well as major television and streaming networks such as CBS, CNN, Paramount+ and HBO Max, to form a vast entertainment company spanning film, television and news.

The merger offers a chance to build a next-generation media and entertainment company based on creativity and technology. The goal is not just to get bigger, but to challenge the biggest players in our industry, said CEO David Ellison.

Skydance faces not only competition from Netflix, Disney and others, but also from technology companies Apple, Meta and Amazon, as well as the growing threat of AI.

Ellison said the merger was necessary to better counter those competitors.