Overview
- The merger will legally close Tuesday, Oct. 6, when the combined parent will be renamed Skydance Corporation and its Class B shares are expected to begin trading on the New York Stock Exchange under the ticker SKYD.
- David Ellison will serve as chairman and CEO with Ynon Kreiz as co‑CEO, and a senior executive team was announced to run corporate, film, TV, streaming, sports and news operations.
- Mark Thompson will remain chairman and editor‑in‑chief of CNN and Bari Weiss will stay as editor‑in‑chief of CBS News, with a five‑member independent editorial board required by the consent decree to protect newsroom independence.
- The company will carry more than $80 billion in net debt and is targeting roughly $6 billion in annual cost savings while being bound by enforceable production commitments including a U.S. production spending floor of about $300 million and a minimum theatrical output of 30 films per year.
- Operational changes include the exits of Warner Bros. Motion Picture Group heads Pamela Abdy and Michael DeLuca, James Gunn and Peter Safran staying to lead DC Studios, and a developing sports reorganization in which Luis Silberwasser is departing and David Berson is set to lead a global sports group.