It is now official. The merger between Warner Bros. and Paramount has been closed.

Closed

Despite the numerous attempts of objections due to antitrust and monopoly claims, Skydance has officially closed the deal on purchasing Warner Bros. to merge with Paramount, according to Deadline. Out of the deal, births a major media titan. It has been nearly a year since David Ellison and Paramount challenged Netflix’s agreement with Warner Bros. and even as Netflix bowed out, the deal would take an additional amount of time to sort out the legal issues surrounding the purchase.

Ellison has made a statement now that the merger is official,

Today is a historic day, not just for Skydance but for our entire 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. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”

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Gerry Cardinale, who is a Skydance board member and key financier via his firm, RedBird Capital, added that the merger is “a defining moment for the industry. By applying our owner-operator model to Paramount and WBD’s unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that’s undergoing transformational change.”

Skydance

Last week, Ellison announced on his social media that the Warner and Paramount studios will be sub-brands under his Skydance label, which is the name of the studio he founded 20 years ago. Ellison explained, “Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations. We wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros. — and all our extraordinary brands — to remain in the spotlight.”

He continued to say, “We have big goals for Skydance, and we intend to pursue them with passion, imagination and a willingness to take smart risks. At the same time, we will honor what makes Paramount and Warner Bros. special — giving both studios the opportunity to grow, tell more great stories and bring those stories to even broader audiences around the world, powered by the scale and capabilities of Skydance.”