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Skydance CEO David Ellison and co-CEO Ynon Kreiz told staff in an Oct. 26 memo that the company is launching a Voluntary Buyout Program for eligible employees as it merges Paramount and Warner Bros. Discovery. The same memo imposes a mandatory five-day-a-week in-office policy companywide, with layoffs still expected as Skydance pursues over $6 billion in annualized cost savings within three years.
Netflix has carried out a series of executive firings following missed ad revenue targets, slower growth, and the collapse of its bid to acquire Warner Bros, which went instead to David Ellison's Paramount. Co-CEO Ted Sarandos told investors that Netflix's content performs well globally but acknowledged the company needs 'better execution' in the US, where growth has lagged expectations.
Elon Musk has put roughly $1 billion into Skydance, the newly merged media company, according to a Semafor report. The investment followed Paramount's $110 billion acquisition of Warner Bros. Discovery and came alongside equity contributions from other investors, including board member Laurene Powell Jobs. Skydance, led by co-CEOs David Ellison and Ynon Kreiz, has pledged to cut $6 billion in costs over three years.
The Skydance-Paramount merger with Warner Bros. Discovery officially closed, creating a combined entertainment company that will operate under the Skydance name. The deal, led by David Ellison, consolidates two storied Hollywood studios—Paramount and Warner Bros.—under new ownership tied to Oracle co-founder Larry Ellison's family.
Skydance confirmed completion of its $110 billion acquisition of Warner Bros. Discovery and said its streaming services—HBO Max, Paramount+ and Discovery+—will eventually unify into a single platform. The company gave no timeline, name, or pricing details for the combined service. Skydance also recently named HBO CEO Casey Bloys as Co-Chair and Chief Content Officer of its direct-to-consumer division.
Skydance, the newly formed company resulting from Paramount's $110 billion acquisition of Warner Bros. Discovery, announced it will combine HBO Max and Paramount Plus into a single streaming platform over time. No timeline or new name has been set, and HBO CEO Casey Bloys will oversee the unified service. CEO David Ellison previously said the merger could yield over 200 million direct-to-consumer subscribers.
David Ellison announced on X that the newly merged Paramount and Warner Bros. Discovery will operate under the name Skydance, after a consent decree settled an antitrust lawsuit from 12 state attorneys general. The $111 billion deal, finalized September 21, follows a year-long bidding war in which Ellison prevailed after Netflix withdrew its interest in Warner Bros. Discovery.
David Ellison, CEO of the newly combining Paramount and Warner Bros, announced on X that the $110 billion merged company will be called Skydance, after the studio he founded in 2006. The deal is expected to close this month after clearing its last regulatory hurdle in September, uniting HBO Max and Paramount+ along with franchises like Harry Potter, DC and Game of Thrones under one company.
Paramount CEO David Ellison announced the combined company will be called Skydance once its roughly $110 billion merger with Warner Bros. Discovery closes, expected October 6. The new entity will include Paramount+, HBO Max, CBS, CNN, MTV, TBS, Comedy Central and Food Network, along with franchises like 'The Lord of the Rings,' 'Game of Thrones,' the DC Universe and 'Yellowstone.'
Paramount Skydance CEO David Ellison announced on X that the combined Paramount-Warner Bros. Discovery company will be called Skydance, ahead of the acquisition's completion on October 6. Ellison had previously said Paramount+ and HBO Max would be merged into a single streaming service with roughly 200 million subscribers if regulators approved the deal.
Paramount has appointed former Mattel chairman and CEO Ynon Kreiz as co-CEO, working alongside chairman and CEO David Ellison, ahead of the close of its $110 billion merger with Warner Bros. Discovery. Ellison will oversee long-term strategy, creative direction and partnerships, while Kreiz handles day-to-day management and integration of the combined companies; Kreiz starts October 5th. Separately, a judge approved Paramount's settlement with states that had been blocking the merger, and streaming chief Cindy Holland announced her departure.
Paramount Skydance is preparing to merge with Warner Bros. Discovery, placing CEO David Ellison in control of major entertainment brands including HBO, HBO Max and Paramount+. Both companies have undergone repeated name and platform changes in recent years, from Warner Media to WBD and from Paramount+ rebrands, reflecting ongoing restructuring across the industry.