Skydance co-CEO David Ellison said Thursday that the combined company formed by Paramount's acquisition of Warner Bros. Discovery is "positioned to win in every single vertical that we operate in."
The merged entity now includes film studios Paramount and Warner Bros., the CBS broadcast network, pay-TV channels CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max, giving it over 200 million global streaming subscribers. Ellison cited "blockbuster intellectual property" and a strong sports portfolio, including the Olympics internationally, as competitive advantages.
Ellison and co-CEO Ynon Kreiz have divided responsibilities. Ellison will focus on creative vision, technological innovations and long-term strategy, while Kreiz leads integration and day-to-day operations. Kreiz is a 30-year media veteran known for turnarounds. Ellison has spent more than 15 years as an on-set producer.
The company faces significant obligations. As part of a settlement with state attorneys general who sued to block the deal over antitrust concerns, Skydance agreed to release at least 30 films annually in 2027 and 2028, and at least 32 films annually in 2029, 2030 and 2031. The combined entity currently has 35 films scheduled for next year.
Skydance carries roughly 80 billion dollars in debt from the merger. The company has targeted 6 billion dollars in cost savings over three years. Kreiz said those savings "will come from technology, marketing consolidation, real estate optimization, and some labor." The acquisition has sparked concerns about layoffs.
Ellison said the company has already unified ad sales and is working to consolidate back-end technology platforms. Kreiz acknowledged workforce reductions are part of the plan but said the company would act "respectfully, transparently."
The deal also brings CBS and CNN under one roof. The settlement with state attorneys general required Skydance to establish a new board overseeing both news operations to ensure editorial independence. Kreiz said the newsrooms would operate independently. Ellison stated, "Corporate stays out of editorial."