Paramount, Warner Bros Discovery To Be Named Skydance After $110 Billion Merger
The move was aimed at maintaining separate identities of the Paramount and Warner Bros studios, rather than putting them under a new brand, Ellison added.
Recommended For You"We never wanted a new corporate identity to diminish, alter or overshadow either one," Ellison wrote in a social media post. "Instead, we wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros - and all our extraordinary brands - to remain in the spotlight."
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The company plans to change its legal name to Skydance Corporation on October 6, according to a regulatory filing. On the same day, its Class B shares are expected to move from Nasdaq to the New York Stock Exchange, where they will trade under the ticker "SKYD" instead of "PSKY."
"The name is ego-driven. It reminds everyone that the most iconic Hollywood brands answer to Ellison and it is his company who won out," said Ross Benes, senior analyst at Emarketer.
A US judge on Wednesday entered an order allowing Paramount Skydance to close its $110 billion acquisition of Warner Bros Discovery, ending a months-long holdup.
The order approved a September 21 settlement with a California-led group of 12 states that had sued to block the merger, arguing it would create a media giant capable of driving up film and TV prices.
Ellison earlier this week named Ynon Kreiz as his co-CEO, tasking the Mattel CEO with running day-to-day operations and leading the integration, freeing him up to helm creative direction and overall strategy.
The duo faces a target of saving $6 billion in costs while managing roughly $80 billion in combined debt.
ALSO READ- US clears Paramount's $111-billion Warner Bros. takeover Warner Bros signs $110 billion deal with Paramount, top exec reveals Paramount Skydance wins Warner Bros; Netflix walks away and its shares jump
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