David Ellison Names Skydance Leadership Team as the Paramount-Warner Bros. Discovery Merger Nears Its Close

Hollywood is days away from one of the biggest corporate consolidations in its history. The combination of Paramount and Warner Bros. Discovery will bring two century-old studios, two major streaming services and a sprawling collection of television brands under a single roof.

The deal has been a long time coming. Ellison and his team agreed to the $111 billion acquisition in February, outbidding Netflix, which had an agreement to buy Warner Bros.’ studios and streaming businesses, and later settled an antitrust lawsuit brought by 12 states. Earlier this week, a judge approved that settlement, clearing the path for the merger to close.

On Friday, Ellison announced that the combined company will be named Skydance, reviving the name of the production company he founded in 2006, and that it will trade under the ticker SKYD. He said the name would let Paramount and Warner Bros. keep their own identities, rather than be overshadowed by a new corporate brand.

On Monday, with the merger set to officially close on Tuesday, Ellison revealed who will help him run the new company, Variety reported. He will serve as chairman and CEO alongside co-CEO Ynon Kreiz, the former Mattel chief, who joins Monday and takes on the co-CEO title when the deal closes.

Ellison’s corporate team includes Andy Gordon as president, Dennis Cinelli as chief financial officer, Makan Delrahim as chief legal officer and president of global corporate affairs, Dane Glasgow as chief product officer, Rebecca Mall as chief marketing officer and Melissa Zukerman as chief communications officer. Deadline reported that Kreiz will focus on day-to-day management and integration of the combined business.

For fans, the most interesting appointments are on the creative side. HBO’s Casey Bloys will serve as co-chair and chief content officer of Skydance DTC, giving him oversight of programming for both HBO Max and Paramount+. George Cheeks is co-chair and chief content officer of Skydance TV, while JB Perrette, who previously ran streaming and games at Warner Bros. Discovery, is co-chair and chief business officer of both Skydance TV and Skydance DTC.

On the film side, Paramount’s Dana Goldberg and Josh Greenstein will lead the Skydance Motion Picture Group as co-chairs, overseeing movies from both Paramount and Warner Bros. That means Warner Bros. Motion Picture Group chiefs Michael De Luca and Pamela Abdy will leave, with Tuesday expected to be their last day.

Superhero fans got some reassurance as well. James Gunn and Peter Safran will continue as co-chairmen of DC Studios, leading the strategic and creative direction of the DC Universe across film, television, animation, themed entertainment and gaming.

The news division leadership is set too. Mark Thompson will remain chairman and editor-in-chief of CNN Worldwide, and Bari Weiss will continue as editor-in-chief of CBS News.

The combined company brings together properties like ‘Harry Potter,’ ‘Mission: Impossible,’ ‘Friends’ and ‘Yellowstone,’ along with channels such as CBS, CNN, TNT, MTV and BET. It’s an enormous portfolio to manage, which is why so much attention has been paid to who will sit in each seat.

Integration will not be quick. Needham analyst Laura Martin told investors that combining Paramount and Warner Bros. Discovery into Skydance could take between two and three years, according to CNBC. The company has also said it intends to realize $6 billion in cost savings within three years of closing.

The merger also comes with obligations for the studio. As part of the settlement led by a coalition of attorneys general, TheWrap reported that the combined company must release at least 30 films a year in theaters for the first two years, and 32 a year for the following three. The company is also expected to carry roughly $80 billion in debt.

For audiences, the near-term effect will be less obvious than the headlines suggest. Paramount and Warner Bros. will continue to operate as distinct studio brands, and streaming services like HBO Max and Paramount+ will keep their names for now.

Still, the executive lineup suggests how Ellison wants the new company to run, with Paramount’s film leaders taking charge of both studios and HBO’s content chief taking on streaming. The coming months will show whether the combination can deliver on its promise of a creative-first home for storytellers.

Have something to add? Let us know in the comments!