Paramount Skydance has completed its $111 billion merger with Warner Bros. Discovery following a rejection of a final legal challenge by Supreme Court Justice Elena Kagan. The combined entity will operate under the name Skydance, adopting the title of a firm Paramount acquired in a separate transaction last year.
In a press release marking the deal's conclusion, the company stated that the new Skydance unites two major movie studios alongside streaming platforms Paramount+ and HBO Max. The release also listed CBS, CNN, and live sports properties such as CBS Sports and TNT Sports among the merged assets, noting the inclusion of a deep programming library and extensive collection of brands and franchises.
The merger faced procedural delays due to litigation initiated by California and 11 other states. In July, US District Judge Araceli Martínez-Olguín of the Northern District of California ruled that the combination would likely substantially reduce competition and violate antitrust laws. Despite this judicial finding, the deal proceeded to completion after Justice Kagan declined to block it.