The Paramount-Warner Bros. Discovery merger has closed after a battle lasting nearly a year, Yahoo Finance reported on Tuesday. The completion of the deal clears the way for Skydance, according to the outlet.
Skydance shares dropped during their first day of trading on the New York Stock Exchange, Deadline reported, as investors raised concerns about the company's debt.
The company's chief executives have said job cuts are ahead following the merger, Variety reported, and shared the news with staff in a memo. The Hollywood Reporter described how David Ellison's Skydance managed to prevail in the contest, while AP News examined what the Paramount takeover of Warner Bros. means for streaming, films and news.
According to Yahoo Finance, the transaction took close to a year to complete. The reporting does not detail the terms of the deal or the size of the layoffs that have been signaled.
The closure marks the end of a prolonged process and the start of a new corporate structure that combines two major media businesses under Skydance's leadership. Investors will be watching how the newly combined company handles its debt load and how the promised staff reductions are carried out.
