00:00Paramount Skydance officially closed its roughly $81 billion acquisition of Warner Brothers Discovery on Tuesday,
00:07creating a new Hollywood powerhouse called Skydance.
00:10The deal followed a year-long battle that included a bidding war with Netflix,
00:15which initially struck an agreement with Warner before Paramount launched a competing offer.
00:20Paramount ultimately agreed to pay $31 per WBD share, with shareholders approving the merger in April,
00:27and the deal clearing major regulatory hurdles over the summer.
00:30The transaction faced fierce opposition from Hollywood creatives, labor groups, and 12 state attorneys general,
00:37who argued the merger would reduce competition, jobs, and consumer choice.
00:42The combined company now brings HBO Max, CNN, and Warner Brothers franchises under the same roof as Paramount+,
00:50CBS, and Paramount's film properties, with David Ellison leading the entertainment giant.
