Paramount Closes Its $81 Billion Purchase of Warner Bros. Discovery

Paramount has completed an $81 billion purchase of Warner Bros. Discovery, Deutsche Welle reports, with its owner Skydance creating a new entertainment behemoth. The deal followed a hostile takeover bid by billionaire David Ellison that saw off rival efforts from Netflix. Whatever else it means, a purchase of that size puts an enormous share of film and television output under a single corporate roof — and the losing bidder was itself one of the largest subscription services in the world.