Skydance, led by CEO David Ellison, will acquire and combine Paramount and Warner Bros. studios, a merger announced on Oct. 2. The combined entity will retain the name Skydance to serve as an umbrella, preserving the distinct identities and legacies of Paramount and Warner Bros. studios. Ellison expressed the company's goals include passionate pursuit of smart risks and expanding great storytelling to broader audiences. The extensive assets of the new company will encompass Paramount Pictures, Warner Bros. Pictures, various animation studios like Nickelodeon and Avatar Studios, and numerous television networks including CBS, Showtime, MTV, CNN, HBO, and Paramount Plus. Skydance also secures film rights to major franchises such as Star Trek, DC Comics, Mission Impossible, and The Lord of the Rings. Ynon Kreiz, former CEO of Mattel, will serve as co-CEO, overseeing day-to-day operations and integration. Ellison will focus on strategy, creative direction, and technology for the company. Kreiz expressed excitement about partnering with Ellison to build a next-generation media and entertainment company. The merger, valued at $111 billion, cleared legal hurdles after a lawsuit with California and 11 other states was settled. A U.S. District Judge approved the settlement on Sept. 30, allowing the merger to officially close on Oct. 6.