Paramount closes historic Warner Bros. merger to form Skydance

Paramount had sweetened its bid by promising shareholders additional cash if the deal failed to close by a specified deadline and agreeing to cover the breakup fee Warner Bros. would owe Netflix for ending its existing agreement.

“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement. “From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”

The new combined Skydance corporation will have annual revenue of nearly $70 billion, the company says.

Skydance Class B shares will begin trading on the New York Stock Exchange today under the ticker symbol “SKYD.”