Paramount closed its deal to acquire Warner Bros. Discovery on Tuesday, putting the tech scion David Ellison in control of a vast media empire that oversees many of Hollywood’s most valuable properties.
The deal immediately catapults the combined company, now called Skydance, to the front rank of competitors alongside streaming titans like Netflix and YouTube, just behind giants like Disney and Amazon.
“Today is a historic day, not just for Skydance but for our entire industry,” Mr. Ellison said in a statement on Tuesday. “We couldn’t be more excited to get to work,” he added.
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