David Ellison has chosen the name for the combined Paramount-Warner Bros. company once the $110 billion merger is complete: Skydance. The deal carries an equity value of roughly $81 billion, with the rest made up of Warner Bros. Discovery's debt.
"Paramount and Warner Bros. shaped over a century of culture. By combining them, we aren't rewriting history, we're equipping these iconic studios with a more powerful engine," Ellison shared Friday morning. "Together, we are Skydance: a creative-first home for bold, quality storytelling."
"We chose this name for a few important reasons. First and foremost, as we bring Paramount and Warner Bros. together, we wanted to preserve what has made each of these studios iconic. Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations," Ellison continued. "We never wanted a new corporate identity to diminish, alter or overshadow either one. Instead, we wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros., and all our extraordinary brands, to remain in the spotlight."
The announcement featured a video montage of the companies' most famous movies, shows and properties, highlighting DC, HBO Max, Nickelodeon, CBS, Paramount+ and CNN as brands under the Skydance umbrella.
The naming reveal caps a whirlwind week for the mega-merger. On Wednesday, a California federal judge approved the settlement of an antitrust lawsuit brought by 12 state attorneys general, removing the final legal hurdle. Minutes after the ruling, Ellison announced that former Mattel CEO Ynon Kreiz would join as co-CEO of the combined company. Ellison will remain chairman and CEO, focused on long-term strategy, creative direction, talent relationships and technology, while Kreiz oversees day-to-day management and integration of the combined businesses starting October 5.
The merger is expected to close on October 6. Warner Bros. Discovery shareholders will receive $31 per share in cash. The combined company unites Warner Bros. Pictures with Paramount Pictures, HBO Max with Paramount+, MTV with Discovery, and CBS News with CNN, creating one of the biggest media companies in the world.