Paramount has completed its $110 billion acquisition of Warner Bros. Discovery, creating the largest entertainment studio in the world, Skydance. This merger combines streaming platforms Paramount+ and HBO Max with networks such as CBS, CNN, MTV, TBS, Comedy Central, and Food Network. Major franchises like 'The Lord of the Rings' and 'Yellowstone' will now fall under Skydance's control.

The deal, announced in February, was a result of a bidding battle with Netflix, which had previously agreed to purchase Warner Bros.’ film and television studios and streaming business. Paramount sweetened the deal with additional cash and agreed to cover Warner Bros.’ breakup fee with Netflix.

Speaking on the historic day, David Ellison said, '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.' The company projects an annual revenue of nearly $70 billion.

The merger puts one of the world’s largest entertainment studios under the control of David Ellison. Just last year, Ellison completed his merger of Skydance Media with Paramount, and is rapidly increasing his influence in Hollywood. The Ellison family is Skydance’s largest shareholder, backed by the billions of Larry Ellison, David Ellison’s father and co-founder of Oracle.

The deal comes after settlements with a coalition of U.S. states and a Hollywood writers’ union cleared the main legal hurdles facing the merger. Skydance Class B shares will begin trading on the New York Stock Exchange today under the ticker symbol 'SKYD.'