Paramount's $111B Warner merger closes after Supreme Court rejects last-ditch block

Paramount completes $111B Warner merger, creating "Skydance" behemoth

Paramount Skydance completed its $111 billion merger with Warner Bros. Discovery after Justice Elena Kagan denied an emergency bid to block the deal. The new company, called Skydance, unites two major studios, Paramount+ and HBO Max, CBS and CNN, plus sports and a deep franchise library. It carries roughly $80 billion in debt, and sovereign wealth funds from Saudi Arabia, the UAE, and Qatar hold non-voting shares.