Paramount has closed the deal to buy Warner Bros. Discovery.
The deal closed on Tuesday, with the company now called Skydance, The Associated Press reported.
The company will be controlled by billionaire David Ellison and his co-CEO Ynon Kreitz.
“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement Tuesday. “We couldn’t be more excited to get to work.”
On Monday, Kreiz said the company will “build the most technologically capable media company through a modern tech platform to enhance the user experience, improve how we work, and achieve operating efficiencies,” CNN reported. CNN is owned by Skydance.
The deal brings together two of the five biggest Hollywood studios, along with dozens of television channels, CBS News, and CNN.
It also brings about $80 billion in debt and a fast timeline to pay it, meaning that management is expected to cut costs, including streamlining overlaps between Paramount and Warner, CNN explained.