The long-awaited merger between Paramount and Warner Bros. Discovery closed on Tuesday, forming a new media giant called Skydance.

The $110 billion deal brings together the film and television studios of both companies, along with streaming services Paramount+ and HBO Max, and networks including CBS, CNN, TNT, TBS, Comedy Central, and MTV. The combined entity will oversee iconic intellectual property such as the DC Universe, Harry Potter franchise, Game of Thrones, and SpongeBob SquarePants.

David Ellison, son of Oracle co-founder Larry Ellison, serves as chairman and CEO of Skydance, with former Mattel CEO Ynon Kreiz as co-CEO. Shares of the new company began trading Tuesday on the New York Stock Exchange under the ticker SKYD.

The transaction followed months of regulatory scrutiny and legal challenges, including a lawsuit from 12 state attorneys general that was resolved through a settlement requiring investments in domestic production and theatrical releases. The U.S. Department of Justice and regulators in dozens of other jurisdictions approved the combination.

Skydance will carry significant debt of around $80 billion, and executives have outlined plans to achieve substantial cost savings. Leadership for key news operations remains in place, with Bari Weiss continuing as editor in chief of CBS News and Mark Thompson at CNN.

The merger positions the new company as a stronger competitor in streaming and content production amid challenges from Netflix, Disney, and technology platforms. It also consolidates significant influence in American media and news.

Employees received internal communications emphasizing continuity for studio brands while integrating operations. Warner Bros. Discovery CEO David Zaslav is set to depart with a substantial payout as part of the transition.