Paramount Skydance and Warner Bros Discovery will form Skydance after the completion of a $110 billion deal

The company resulting from the merger of Paramount Skydance and Warner Bros Discovery will be called Skydance after a U.S. court allowed the $110 billion acquisition to be completed. The decision removes the legal obstacle that delayed the formation of the new media giant for several months.

Chief Executive David Ellison said the name Skydance was chosen to preserve the distinct identities of Paramount and Warner Bros, as well as the brands owned by the two groups. The portfolio will include the studios behind the Mission: Impossible and Harry Potter franchises, as well as CBS, CNN, Paramount+, HBO Max and other major assets in the entertainment industry.

The legal name change to Skydance Corporation is scheduled for October 6. On the same day, Class B shares are set to transfer from Nasdaq to the New York Stock Exchange under the ticker symbol “SKYD,” replacing “PSKY.”

The court’s approval came after an agreement reached on September 21 with a group of 12 U.S. states, led by California, which had challenged the merger on the grounds that it could allow prices for films and television programs to be increased. The new group will have Ynon Kreiz as co-CEO, while Ellison will focus on strategy and creative direction. Management will have to achieve savings of approximately $6 billion and manage combined debt of around $80 billion.