Following months of courtroom battles and delays, Skydance Corporation finally announced the completion of its acquisition of Warner Bros. Discovery, Inc., creating a combined company, named “Skydance.”
The combined company brings together two major film studios, two global streaming services, premier television assets including CBS, HBO, and Paramount’s and WBD’s cable networks, two of the industry’s most recognized news networks, CBS News and CNN, and a leading content portfolio that includes live sports, a deep programming library and an expansive collection of iconic brands and franchises.
Under the terms of the agreement, WBD shareholders received an amount in cash equal to $31.01666668 per share.
David Ellison, Chairman and CEO of Skydance, said: “Today is a historic day, not just for Skydance but for our entire industry. 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. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. 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.”
Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, said: “This is a defining moment for the industry. By applying our owner-operator model to Paramount and WBD’s unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that’s undergoing transformational change. David, our Co-CEO Ynon Kreiz, and the rest of our world-class Skydance team have the vision and track record to lead through this change. We’re proud to back them as we build a stronger Hollywood, expand opportunities for talent, and create long-term value for our shareholders.”
In a separate release, the company announced David Ellison will chair the Board and continue to serve as Skydance’s Chairman and Chief Executive Officer. The Board will include all current members of Paramount’s Board, along with three new additions: Ynon Kreiz, Co Chief Executive Officer of Skydance, Laurene Powell Jobs, founder and president of Emerson Collective; and Bobby Kotick, founder and former Chief Executive Officer of Activision. Powell Jobs and Kotick will join as Independent Directors.
Skydance Class B shares are listed on the New York Stock Exchange under the new ticker symbol “SKYD.”
By CEO NA Editorial Staff
