New data ranks Bitcoin adoption by US states, and the wealth gap is showing

The merged company’s total debt amounts to approximately $80 billion. David Ellison and co-CEO Ynon Kreiz face a $6 billion cost-cutting target. The senior management teams at CNN and CBS News will remain unchanged. Anzar Mehraj / Harshita Mary Varghese, Reuters, October 6 — Paramount-Skydance (PSKY.O) completed its $110 billion blockbuster acquisition of Warner Bros. Discovery (WBD.O) on Tuesday, giving rise to a Hollywood giant named Skydance and placing CEO David Ellison in charge of one of the world’s largest entertainment companies. The deal combines the studios behind “Mission Impossible”, “Harry Potter”, and DC Films with major TV and streaming networks such as CBS, CNN, Paramount+, and HBO Max, creating a massive entertainment company encompassing film, television, and news. On Tuesday, the merged company’s stock moved from Nasdaq to the New York Stock Exchange, trading under the ticker “SKYD”. A settlement agreement reached with a coalition of several US states and the Hollywood writers’ union (link) cleared one of the main legal obstacles to this landmark media merger. The move comes as Hollywood faces declining cable TV subscriptions, costly battles over streaming viewers, and ongoing union pressure regarding jobs and protections for creative workers. Last week, Ellison stated (link) that the choice of the name “Skydance” was intended to preserve the independent identities of the Paramount and Warner Bros. studios, rather than folding them into a new brand. However, analysts note that the name reinforces Ellison’s control, highlighting that some of Hollywood’s most iconic brands now answer to him and providing a platform for his own strategies and culture. In just 16 years, Skydance has evolved from an independent studio into a central player in one of Hollywood’s most powerful deals. Founded in 2010 by the son of Oracle co-founder Larry Ellison, it gained prominence as the financier and producer behind Paramount’s blockbuster “Top Gun: Maverick”. After merging with Paramount last year (link), Skydance set its sights on Warner Bros., not only engaging in a fierce bidding war with Netflix (NFLX.O) but also attracting interest from other potential buyers, including Comcast (CMCSA.O). Broader Hollywood ambitions Ellison has appointed former Mattel CEO Ynon Kreiz as Skydance’s co-CEO, responsible for day-to-day operations and integration, while Ellison will oversee creative direction and overall strategy. The two must consolidate the two giant companies while achieving the planned $6 billion in cost savings. Paramount stated that a significant portion would come from “non-labor costs”—specifically, integrating the streaming technology and cloud service providers of both companies. However, such wide-ranging cuts are expected to impact jobs across Hollywood. The merged company is projected to carry around $80 billion in debt, putting pressure on Ellison to develop streaming business, sustain cash flow from cable networks, and boost box office performance. CNN President Mark Thompson and CBS News Editor-in-Chief Bari Weiss will continue in their leadership roles at Skydance (link). (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. As automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts and provides them solely for reader convenience. Reuters bears no responsibility for any damage or loss arising from the use of automated translation functions.)

Futures of all three major U.S. stock indices are rising.