Paramount Skydance has formally acquired Warner Bros. Discovery in a jaw-dropping $110 billion deal, ending a five-month bidding warfare that noticed Netflix stroll away. Led by Paramount chairman and CEO David Ellison, and financially backed by Oracle billionaire Larry Ellison, the merger creates a worldwide media powerhouse combining CNN, HBO, CBS, Nickelodeon and the DC Universe. However with huge debt, Center Japanese funding, and looming regulatory scrutiny from California and the European Fee, this deal is much from executed. Right here’s the complete breakdown of Hollywood’s greatest shake-up in years.