The company formed by Paramount’s planned takeover of Warner Bros Discovery will be named Skydance, chief executive David Ellison said on Friday. The Paramount and Warner Bros film studios will continue to use their own names.
The announcement concerns the identity of the parent company. It does not mean the two studios will be renamed or that the takeover has already been completed.
Why Ellison chose the name
Ellison said he wanted the combined business to have a corporate identity without overshadowing Paramount, Warner Bros, and its other established brands. Skydance is already part of the current company’s name, Paramount Skydance.
A regulatory filing says the business plans to change its legal name to Skydance Corporation on 6 October. Its Class B shares are expected to move from Nasdaq to the New York Stock Exchange on the same day, trading under the symbol SKYD instead of PSKY, according to Reuters. Both changes are planned for the expected closing date.
Takeover still awaiting completion
The naming decision comes after a US judge approved a settlement with 12 states that had sought to block Paramount Skydance’s $110 billion acquisition of Warner Bros Discovery. The states had argued that combining the businesses could lead to higher film and television prices.
The court order removed a major legal obstacle and allowed the companies to proceed toward closing. As of Friday’s announcement, however, the deal had not yet closed.
Ellison has also named Mattel chief executive Ynon Kreiz as his intended co-chief executive of the combined company. Kreiz is expected to oversee day-to-day operations and the work of bringing the businesses together, while Ellison concentrates on creative direction and overall strategy.
For viewers, the distinction is straightforward: Skydance would be the company name above the studios; Paramount and Warner Bros would remain the names of the studios themselves. The planned changes depend on the takeover closing as expected.
