Paramount has completed its acquisition of Warner Bros. Discovery, forming a new global entertainment leader named Skydance.
The $111 billion (£82.8bn) deal brings together two major film studios, two global streaming services, a TV portfolio including CBS and HBO, two of the industry's most recognised news networks, and a portfolio of live sports.
It also combines an expansive collection of brands, including Harry Potter, Game of Thrones, The Lord of the Rings, Indiana Jones, Mission: Impossible, Shrek and Paw Patrol.
"Today is a historic day, not just for Skydance but for our entire industry," said David Ellison, chairman and CEO of Skydance.
Warner Bros. World Abu Dhabi brings DC, Looney Tunes, Scooby-Doo and other characters to life Warner Bros.
"From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality."
With nearly $70 billion in revenue, Skydance is one of the world's largest media and entertainment companies.
Per a press release, it aims to build a next-generation media and entertainment company driven by creativity and technology.
"We're grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion," Ellison added.
Next-gen entertainment giant
"Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn't be more excited to get to work."
With Warner Bros. and Paramount now combined, the company’s theme parks and attractions portfolio could be impacted, as the former licenses its name and characters to destinations including Warner Bros. World Abu Dhabi.
Paramount's LBE experiences include the Nickelodeon Universe theme parks.
