Los Angeles, Oct. 7 -- Paramount and Warner Bros. Discovery are now officially a single company - coming together as Skydance Corp., led by chairman and CEO David Ellison.

According to Variety, the deal has been closed at USD 111 billion, including the assumption of WBD debt. It now brings together two major studios, TV networks like CBS, CNN, Comedy Central, MTV and TBS, along with streaming services Paramount+ and HBO Max.

The new Skydance will have an annual revenue of nearly USD 70 billion, the company said - but it also will have to wrestle with USD 80 billion in net debt, Variety added.

Notably, the closing of the deal comes a little more than a year after Ellison's Paramount Skydance first launched his bid for Warner Bros. Disco...