BREAKING: Paramount officially closes $81 billion Warner Bros merger

The merger between Paramount and Warner Bros. became official on Tuesday, with Paramount closing its $81 billion takeover of the entertainment company. The new media conglomerate is now known by the name of “Skydance.”

David Ellison, the chairman and chief executive of Skydance, said in a statement, “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.”
 

The deal brings under one umbrella the two companies’ film studios, streaming services, and television networks. “The transaction closed following receipt of all required regulatory approvals under the merger agreement and satisfaction of other customary closing conditions. Skydance Class B shares will begin trading today on the New York Stock Exchange (NYSE) under the new ticker symbol ‘SKYD’” a press release stated.

Under the agreement, Warner Bros Discovery shareholders received just over $31 per share, and WBD ceased trading on the NASDAQ Tuesday. 

“The completed transaction unites two of media and entertainment's most storied companies, each with a history spanning more than a century, giving the combined business a rare legacy to build on. The aim of the combined company is to build the next-generation global media and entertainment company powered by creativity and technology,” the press release stated.