Paramount acquires Warner Bros. Discovery for $110 billion
Paramount has acquired Warner Bros. Discovery, parent company to CNN, Nickelodeon, MTV, HBO Max and so on in a $110 billion deal after months-long back-and-forth negotiations.
Finalised on Tuesday, the merger which rebranded as Skydance will ensure ownership of franchises such as Harry Potter, Game of Thrones, The Lord of the Rings and Mission: Impossible.
“From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality,” CEO David Ellison said.
Among the concessons agreed was the establishment of an independent editorial board to oversee CNN and CBS News.
Netflix bidded for the acquisition but was outbidded by Paramount, leading the movie streaming giant to take a bow.
News media such as CBS News, CNN, TVN24 (a Polish news channel) and cable networks like
Comedy Central, Nickelodeon, TNT, TBS, HBO, MTV, Food Network are now under Mr Elison’s control
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