Paramount closes $110 billion Warner Bros. Discovery deal; combined company, renamed Skydance, owns CNN and CBS
David Ellison now controls CNN, CBS News, HBO Max, Paramount+ and three film studios.
To end a lawsuit by 12 state attorneys general, the company agreed to an editorial-independence board for CNN and CBS News and to release 30 films a year for its first two years.
- Warner shareholders get $31 per share; the roughly $110 billion value includes debt.
- The company is targeting $6 billion in cost savings.
- Ellison and co-CEO Ynon Kreiz told staff integration will bring "difficult decisions that affect our workforce."