CFO Slice

Paramount Skydance has completed its $111bn acquisition of Warner Bros. Discovery following a yearlong battle that included competition from Netflix and opposition from 12 state attorneys general. The combined company, renamed Skydance, brings together major assets including HBO, CNN, CBS, Comedy Central, Warner Bros., Paramount, and two major streaming services, and now trades on the New York Stock Exchange under the ticker SKYD. The company expects approximately $70bn in annual revenue but begins operations with more than $80bn in debt. Skydance plans to generate $6bn in cost savings over three years, primarily through technology, integration, procurement, marketing, and real estate efficiencies. Former Mattel chief executive Ynon Kreiz has been appointed to oversee the integration and day-to-day operations. The transaction included $47bn in new equity investment, with sovereign wealth funds linked to Saudi Arabia, Qatar, and Abu Dhabi contributing $24bn. Under a settlement with 12 states, Skydance must retain the Warner Bros. and Paramount studio lots for five years, release at least 30 films annually in theaters, and establish a five-member editorial panel designed to protect the independence of its CBS News and CNN journalists.