Paramount officially announces Warner Bros. Discovery takeover

"By uniting two iconic studios, complementary streaming platforms, established cable and linear networks, expanding international businesses, world-class intellectual property, and the extraordinary talent behind all of this, we have a rare opportunity to help shape the future of our industry. Together, we can build a more dynamic, more competitive and more creatively ambitious company - one that better serves storytellers, entertains audiences around the world, and delivers long-term value for shareholders."

"I want to begin by thanking each of you for your patience, resilience, and commitment throughout this process. It has not been easy. Shortly after launching the new Paramount in August, we announced our plans to pursue this transaction. The months since have required a lot of hard work and resolve as together we have navigated the complexities and uncertainties that come with a deal of this scale."

Paramount and Warner Bros. Discovery announced a definitive merger agreement on Friday, with Paramount acquiring WBD's valuable assets including HBO, CNN, and DC Studios. CEO David Ellison sent a memo to staff thanking them for their patience and commitment throughout the complex transaction process that began shortly after Paramount's launch in August. The merger combines two iconic studios, complementary streaming platforms, established cable and linear networks, international businesses, and world-class intellectual property. Ellison emphasized the opportunity to build a dynamic, competitive, and creatively ambitious company that serves storytellers, entertains global audiences, and delivers shareholder value. Netflix, which had also pursued WBD, declined to raise its bid for the company.

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