David Ellison merges Paramount and Warner Bros. Discovery into a new media giant - Skydance

Paramount, the company led by David Ellison, completed its acquisition of Warner Bros. Discovery on Tuesday, bringing together two major film studios, numerous television networks, two major streaming services, and several news organizations.

The new company will be named Skydance and will be led by Ellison and co-CEO Ynon Kreiz. Among the main challenges are integrating the two groups, reducing more than 80 billion dollars in debt, and transforming the company into a technology and entertainment conglomerate capable of competing with Disney, Netflix, Amazon, Apple, and Google.

Management is expected to meet with employees and the press, while Skydance shares will be traded on the New York Stock Exchange.