#paramount-skydance

#paramount-skydance

Paramount Skydance, backed by the family of CEO David Ellison, is getting ready to make a bid to take over all of Warner Bros. Discovery before the two companies can go through with their plan to split, per a new report from The Wall Street Journal. If such a deal happens, it would put networks as diverse as CBS, CNN, TCM, and MTV under one roof and result in the combination of two historic Hollywood studios, Paramount Pictures and Warner Bros.

The move comes as staff are bracing for big job cuts. The company said it would cut 3.5%, or hundreds of employees, CNBC reported, as it looks to deliver on a promised $2 billion in cost savings. Ellison said the return would start in January with employees based in Los Angeles and New York. Starting this month, severance would be offered to those - at levels of VP and below - who can't or don't want to return full time, with some limited exceptions.

On Thursday evening, the Federal Communications Commission voted to approve Paramount's $8.4 billion merger with fellow entertainment firm Skydance Media, a deal that took considerable lobbying from the Trump administration and connections to Larry Ellison.