Paramount has completed its acquisition of Warner Bros., a deal valued at $110 billion that creates a Hollywood studio operating under the name Skydance, according to Reuters. The merger closed after a judge approved Paramount's settlement with a group of states that had challenged the Warner Bros. buyout, AP News reported.
The combined company brings two of Hollywood's best-known studios under one roof. BBC placed the value of the takeover at $110bn in its own coverage of the deal.
The close of the merger does not mean the changes are finished. In a memo, the chief executives of Skydance acknowledged that job cuts will follow the combination, Variety reported. The memo did not specify how many positions would be affected.
Reuters described the completed deal as the creation of a Hollywood powerhouse. The transaction had drawn scrutiny from state officials before the settlement cleared the way for it to proceed, per AP News.
What to watch next: how many roles are cut as the two studios are folded into one, and when Skydance details the scale of those layoffs.
