Paramount, Warner Bros. Discovery complete $81B merger – and hint at layoffs

David Ellison’s $81 billion merger of Paramount and Warner Bros. Discovery officially closed Tuesday, creating a new media behemoth known as Skydance – and execs are already hinting at layoffs. The combined company will include two historic film studios and their Hollywood lots; major streaming services HBO Max and Paramount+; CNN and CBS News; live sports channels including CBS Sports and TNT Sports; and thousands of iconic movie titles. Ellison and Ynon Kreiz, his new co-CEO who was previously at Mattel, reportedly gestured at layoffs in a memo to employees Tuesday morning. “Integrating two companies will bring change, including difficult...