Overview
- A federal judge signed a multistate consent decree that removed the main legal barrier to the merger and the companies say the transaction is expected to close on Oct. 6.
- David Ellison announced the combined company will use the corporate name Skydance and disclosed that Ynon Kreiz will join as co‑CEO effective at closing.
- Ellison has already begun reshaping leadership with HBO chief Casey Bloys tapped to oversee streaming programming and Paramount streaming chief Cindy Holland exiting.
- The deal’s financing depends on large equity guarantees and sovereign commitments, includes a roughly $46.7 billion personal guarantee from Larry Ellison, and will leave the new company with more than $80 billion in debt while targeting about $6 billion in cost cuts that company advisers say will include layoffs.
- The consent decree requires at least 30 U.S. theatrical releases a year, an extra $300 million in annual U.S. production spending, preservation of the studio lots, and a five‑member editorial‑independence board for CBS News and CNN, measures that regulators and labor groups say will need strong enforcement to hold up.