Harry Potter, SpongeBob and CNN under one roof as Paramount completes Warner Bros. acquisition

The transaction brings together two major film studios, two global streaming services, television assets including CBS and HBO, news networks CBS News and CNN, live sports, and a large portfolio of entertainment brands and franchises.

The deal closed after receiving all required regulatory approvals and meeting other closing conditions. WBD shares have ceased trading on Nasdaq, while Skydance Class B shares began trading on the New York Stock Exchange under the ticker symbol SKYD.

Under the agreement, WBD shareholders received $31.01666668 per share in cash.

The combined company plans to deliver at least 30 theatrical films annually, each with a minimum 45-day theatrical window, and already has more than 180 television shows. It also has more than 200 million streaming subscribers across its platforms and a content library featuring franchises including Top Gun, Harry Potter, The White Lotus and SpongeBob SquarePants.

Skydance said it will work to unify its direct-to-consumer streaming products into a single service over time.

The company aims to achieve more than $6 billion in savings on an annualized basis over the next three years. It also expects to generate more than $10 billion in free cash flow by 2030 and plans to reduce net leverage to 3.0 times by the end of 2029.

David Ellison, chairman and CEO of Skydance, described the completion of the deal as a “historic day” for the company and the entertainment industry, saying the merger would create a stronger competitor with greater resources and global reach.

“Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn't be more excited to get to work,” Ellison said.

The combined company will operate across three segments: Studios, Direct-to-Consumer and TV Media. Its portfolio includes Paramount, Warner Bros., HBO and HBO Max, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV and Comedy Central.

Earlier, Qazinform News Agency reported that the European Commission had approved Paramount Skydance Corporation’s acquisition of Warner Bros. Discovery, subject to legally binding commitments designed to protect competition in the European Economic Area (EEA).