Film industry giants Paramount and Warner Bros. have completed their merger into a single new media empire, infohub.kz reports.
The combined company has been named Skydance. It has taken control of major Hollywood studios as well as leading television networks, including CBS, CNN, MTV and Cartoon Network. The structure also includes the popular streaming services HBO Max and Paramount Plus.
Skydance executives said they intend to release up to 30 theatrical films and more than 180 television shows and series each year.
A single company now holds the rights to global franchises such as "Harry Potter," "Game of Thrones," "Mission: Impossible," "The Lord of the Rings," "Star Trek" and the DC cinematic universe. The media giant's combined annual revenue is estimated at nearly $70 billion.
The merger process lasted almost a year and was accompanied by complex negotiations, disputes and regulatory reviews. David Ellison has become head of the new structure, calling the day the deal closed a historic one for the entire industry.
At the same time, the new media giant will immediately have to contend with a substantial debt burden estimated at $80 billion.