The combined entity announced today that it has completed its $111 billion merger, forming a new company called Skydance. The deal brings together Paramount's film and television assets with Warner Bros. Discovery's studios, streaming platforms HBO Max and Paramount+, CBS television networks, CNN, and extensive sports and library holdings.

The merger had faced legal challenges from California and eleven other states, which argued the consolidation would reduce competition. A federal judge in California initially ruled the deal likely violated antitrust laws, but the lawsuit was settled last month after the states accepted revised terms. The settlement includes requirements for minimum investment in domestic film releases and continued separate negotiations for basic cable channel distribution.

The agreement was approved by U.S. District Judge Araceli Martínez-Olguín on September 30, who described it as a "reasonable factual and legal resolution" that avoids the uncertainties of prolonged litigation. She noted that while the settlement may leave some parties dissatisfied, it represents a pragmatic compromise between the parties involved.

The new Skydance company will operate across film production, television broadcasting, streaming services, and live sports rights, creating one of the largest media conglomerates in the United States.