Paramount Skydance has officially acquired Warner Bros. Discovery in a jaw-dropping $110 billion deal, ending a five-month bidding war that saw Netflix walk away. Led by Paramount chairman and CEO David Ellison, and financially backed by Oracle billionaire Larry Ellison, the merger creates a global media powerhouse combining CNN, HBO, CBS, Nickelodeon and the DC Universe. But with massive debt, Middle Eastern funding, and looming regulatory scrutiny from California and the European Commission, this deal is far from done. Here’s the full breakdown of Hollywood’s biggest shake-up in years.
