The name of the merged Paramount and Warner Bros. conglomerate has been revealed

The merged conglomerate of Paramount Studios and Warner Bros. Discovery will be called "Skydance Corporation." Incoming CEO David Allison announced this evening. The deal, valued at $111 billion, is expected to close on October 6. Ynon Kreiz, former CEO of Mattel, will be appointed co-CEO.

The merged conglomerate of Paramount Studios and Warner Bros. Discovery will be called "Skydance Corporation." Incoming CEO David Allison announced this evening (Friday). The deal, valued at approximately $111 billion, is expected to officially close on October 6. David Allison will serve as chairman and CEO of the merged company. Alongside him, Israeli-American businessman Ynon Kreiz, former CEO of Mattel, will serve as co-CEO, starting on October 5. Upon completion of the merger, the company will transfer its stock listing from Nasdaq to the New York Stock Exchange, where it will trade under the ticker "SKYD." The new conglomerate will unite under one roof two major Hollywood film studios and the streaming services HBO Max and Paramount+. The asset portfolio includes leading television networks such as CBS, CNN, MTV, and Comedy Central. Among the brands and franchises to be managed by the company: "Harry Potter," "The Lord of the Rings," "Game of Thrones," DC Universe content, and the "Mission: Impossible" and "Top Gun" film series. The merger was finalized after a court approved a settlement in an antitrust lawsuit filed by 12 U.S. states earlier this week. The financial structure of the deal includes debt raising and bond issuance on a large scale, with the merged company expected to start with a cumulative debt of over $80 billion. Control of the company will be held by David Allison, his father Larry Allison (founder of Oracle), and Gerry Cardinale of RedBird Capital. Larry Allison provided a personal guarantee for equity financing of $46.7 billion. Additionally, sovereign wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates invested about $24 billion in the deal and will hold 38.5% of the merged company.