Paramount Takes Over Warner Bros in $110bn Hollywood Merger

The takeover - merging two of the biggest studios in Los Angeles - comes after months of legal disputes and widespread criticism over feared cuts and consolidation could harm competition and consumers.

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.

The merger will also bring together a host of entities including HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network. 

Paramount will acquire ownership of iconic franchises that include Harry Potter, Game of Thrones, The Lord of the Rings to add to its existing catalogue of hit franchises which includes Indiana Jones, Mission: Impossible and Shrek.

The newly merged entertainment behemoth will be re-branded under the name Skydance Corporation, the company originally founded by David Ellison before he took over both Paramount and Warner Bros Discover.

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

"From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality," he said. 

Asked about the merger after it had been finalised, US President Donald Trump described the deal as "great".

"They're terrific people and it's going to be a great company," he said.

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

Kreiz will focus on the company's day-to-day operations, including integrating the newly-combined businesses, while Ellison will focus on strategy and technology.

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.

Casey Bloys, who has lead HBO and Max Content, will be the co-chair and chief content officer for direct-to-consumer content.