Figure caption, Watch: What the Paramount and Warner Bros deal means for you
Paramount Skydance has officially taken over Warner Bros Discovery in a $110bn merger that is set to reshape Hollywood and the media landscape.
The takeover - merging two of the biggest studios in Los Angeles - comes after months of legal disputes and widespread criticism over feared cuts and consolidation could harm competition and consumers.
It will alter streaming for millions, usher in a new chapter in the film and TV industry, and leave one of the biggest US news outlets, CNN, in uncertain territory.
The merger will also bring together a host of entities including HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network.
Image source, Getty Images Paramount will acquire ownership of iconic franchises that include Harry Potter, Game of Thrones, The Lord of the Rings to add to its existing catalogue of hit franchises which includes Indiana Jones, Mission: Impossible and Shrek.
The newly merged entertainment behemoth will be re-branded under the name Skydance Corporation, the company originally founded by David Ellison before he took over both Paramount and Warner Bros Discover.
Ellison, chairman and chief executive of Skydance, said the completion of the deal was "historic" for the film industry.
"From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality," he said.
Films and streaming prices - how the Warner Bros deal could affect you
Published 11 hours ago Asked about the merger after it had been finalised, US President Donald Trump described the deal as "great".
"They're terrific people and it's going to be a great company," he said.
Last week, Ellison named the outgoing chief executive of Mattel, Ynon Kreiz, as co-chief executive.
Kreiz will focus on the company's day-to-day operations, including integrating the newly-combined businesses, while Ellison will focus on strategy and technology.
Mark Thompson - who once served as director general of the BBC - will continue in his role as chairman and editor-in-chief of CNN Worldwide, while Bari Weiss remains editor-in-chief of CBS News.
Casey Bloys, who has lead HBO and Max Content, will be the co-chair and chief content officer for direct-to-consumer content.
Mike Proulx, research director at Forrester Research, said that change "essentially means the HBO leadership team is now in charge of Skydance's combined streaming operation".
"While that bodes well for the HBO brand, make no mistake, Bloys will be pressured to find and deliver cost efficiencies that could affect content quality," he warned.
Dan Coatsworth, head of markets at AJ Bell, said the company has high debts at a time when interest rates are high.
"The combined entity, now called Skydance, needs to cut costs and make bigger profits to be able to get the debt down to more manageable levels," he said.
"The fact Tom Cruise movie Digger, Warner Bros' last release before the merger, has been a major flop is a reminder of how the film industry is not a guaranteed ticket to riches."
While the company said it had received unanimous approval from competition authorities across the world, the long running takeover process has featured controversy since the beginning.
Netflix initially had…