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Paramount and Warner Bros. are set to come under one corporate umbrella as part of a massive merger that will operate as Skydance Corporation.
David Ellison will lead the combined company, while the Paramount and Warner Bros. brands are expected to remain intact.
The new entertainment giant will control major assets including Paramount+, HBO Max, CBS, CNN, MTV, TBS and Food Network.
The merger also includes commitments to increase U.S. film production, with Skydance required to release at least 30 films annually for its first two years.