The merger between Paramount and Warner Bros Discovery was finalized on Tuesday, creating a new entity called Skydance that combines the studios behind franchises such as "Mission: Impossible," "Harry Potter" and DC Comics with television and streaming platforms including CBS, CNN, Paramount+ and HBO Max. The deal, valued at $110 billion, transfers control of one of the world's largest entertainment and news businesses to CEO David Ellison. In a memo to employees, Ellison described the acquisition as a step toward building "the next-generation media and entertainment company, powered by creativity and technology," and emphasized the goal of competing with the industry's largest players. The newly formed company inherits approximately $80 billion in debt and plans to achieve $6 billion in cost savings, largely from non-labor reductions such as consolidating technology and cloud services. Skydance's leadership structure includes Mattel former CEO Ynon Kreiz as co-CEO overseeing daily operations, while Ellison retains responsibility for creative direction and overall strategy. The board will also include former Activision Blizzard CEO Bobby Kotick and advisor Tony Blair, a former UK prime minister. Warner Bros shareholders received an additional $41.9 million fee tied to the deal's closing timeline, and the combined company will trade on the New York Stock Exchange under the ticker "SKYD." Leadership roles at CNN and CBS News will remain with their current heads, Mark Thompson and Bari Weiss, who will each report separately to Ellison. A newly established editorial independence board has been created to address concerns about news coverage bias, though experts have questioned its effectiveness. The merger reflects a broader consolidation in Hollywood as traditional cable audiences decline and streaming competition intensifies, with the new entity facing rivals such as Netflix, Disney, Apple, Meta and Amazon, as well as the disruptive potential of artificial intelligence. Analysts project revenue of $67 billion by 2030 and profit growth from $16 billion to $19 billion in EBITDA over the same period, contingent on the company's ability to expand streaming and maintain theatrical performance.