Days after the acquisition of Warner Bros. Discovery by Paramount officially closed, Skydance co-CEO David Ellison expressed confidence in the combined entity’s competitive positioning during a CNBC interview. The merged company encompasses film studios Paramount and Warner Bros., the CBS broadcast network, cable networks including CNN, TNT, MTV and BET, and streaming platforms Paramount+ and HBO Max.
Ellison highlighted the strategic advantages of the combination, citing the substantial content library, valuable intellectual properties, and robust sports offerings. The combined streaming services bring together over 200 million global subscribers, while the portfolio includes international Olympic rights and a profitable linear television business anchored by CBS. Ellison will direct creative vision, technological development, and long-term strategy, while co-CEO Ynon Kreiz oversees integration efforts and day-to-day operations.
The executives face significant operational obligations stemming from a settlement with state attorneys general who challenged the acquisition on antitrust grounds. Under the settlement terms, the company must release at least 30 theatrical films annually in 2027 and 2028, increasing to a minimum of 32 films per year from 2029 through 2031. The combined entity carries approximately $80 billion in debt and has established a target of $6 billion in cost reductions over three years, with anticipated savings derived from technology consolidation, marketing integration, real estate optimization, and workforce adjustments.
The merger brings together CBS and CNN under unified ownership, raising questions about editorial independence given connections between David Ellison’s father, Oracle co-founder Larry Ellison, and political figures. The settlement includes provisions establishing a new board to oversee both news operations to preserve editorial independence. Skydance confirmed that CNN chairman and editor-in-chief Mark Thompson and CBS News editor-in-chief Bari Weiss will retain their positions, with both executives emphasizing that newsroom operations will remain independent.
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