A California judge on Wednesday formally approved Paramount Skydance’s settlement with California and other states, the final hurdle required for it to close its $110 billion takeover of Warner Bros. Discovery.
\n\nThe seismic merger will bring together the likes of CBS News and CNN, HBO Max and Paramount+ and storied film studios Warner Bros. and Paramount Pictures.
\n\nShortly after the judge’s approval, David Ellison, the CEO and controlling shareholder of Paramount Skydance, announced that Mattel CEO Ynon Kreiz would become co-CEO of the combined media giant.
\n\nKreiz will join the company on Oct. 5, indicating that the deal will likely close on that date or shortly after.
\n\n“As Chairman & CEO, Ellison will lead all strategy, creative and technology while Kreiz, as Co-CEO will oversee the Company’s day-to-day operations and integration of the combined businesses,” the statement said.
\n\nSeveral outlets also reported this week that Paramount’s streaming chief Cindy Holland is departing the studio and Casey Bloys, HBO’s chief, will take on a new role running the combined streaming operations.
\n\nAfter the deal was approved by the U.S. Justice Department, the European Commission and dozens of other countries worldwide, it was held back by a lawsuit led by California’s democratic…
Original source: https://www.nbcnews.com/business