Paramount takes over Warner Bros in $110bn Hollywood merger

Paramount Skydance has officially taken over Warner Bros Discovery in a $110bn merger that is set to reshape Hollywood and the media landscape.

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.

Paramount will acquire ownership of iconic franchises that include Harry Potter, Game of Thrones, The Lord of the Rings and Mission: Impossible.

Ellison, chairman and chief executive of Skydance, said the completion of the deal was "historic" for the film industry.

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Last week, Ellison named the outgoing chief executive of Mattel, Ynon Kreiz, as co-chief executive.

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.

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".

Dan Coatsworth, head of markets at AJ Bell, said the company has high debts at a time when interest rates are high.

"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.

Lawyers in about a dozen US states then filed lawsuits - led by California - aiming to block the deal, arguing it would stifle competition, raise consumer prices and cause "substantial" harm to movie theatres, cable distributors and "ultimately, audiences nationwide".