David Ellison’s media company Skydance has completed a $111 billion takeover of Warner Bros Discovery, bringing an enormous concentration of global news and entertainment under one roof.
Skydance now owns Paramount, Warner Bros, HBO, CBS, CNN, Nickelodeon and Discovery, alongside dozens of other media brands. It has also put major film franchises, streaming platforms and sporting rights under the same owner, reducing Hollywood’s five major studios to four.
Sovereign wealth funds from Saudi Arabia, Qatar and the UAE also hold a significant stake. US Senator Cory Booker warned: “If you can control the news that people can see, you can control the opinions that people form”.
The Writers Guild sued to block the deal, but settled after Paramount agreed to protect CBS News jobs for five years and pay $17.5 million.
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