Paramount completes $111B Warner merger, creating “Skydance” behemoth
Paramount now owns Warner Bros. as last-ditch effort to stop $111B merger fails.
Paramount now owns Warner Bros. as last-ditch effort to stop $111B merger fails.
The short version
- Paramount Skydance completed its $111 billion merger with Warner Bros.
- Discovery today, after a last-ditch effort to block the deal was rejected by Supreme Court Justice Elena Kagan.
- The post-merger company is called Skydance, taking the name of a firm that Paramount bought in a separate deal last year.
What happened
The merger was delayed a bit by a lawsuit filed by California and 11 other states. In July, US District Judge Araceli Martínez-Olguín in the Northern District of California ruled that the combination would likely reduce competition substantially and violate antitrust laws.
Why it matters
California settled the lawsuit last month, and the other states involved went along with the compromise.
Summary by Nerd News Network. Read the full article at Ars Technica via the links above and below.