India, Oct. 6 -- Hollywood's latest mega-merger is complete. Paramount has closed its $81 billion takeover of Warner Bros Discovery, combining two of the industry's biggest names. The combined company will operate under the name Skydance and will be led by billionaire David Ellison and new co-CEO Ynon Kreiz.

The deal brings together two of America's oldest movie studios and creates a new entertainment giant spanning film, television, streaming and news.

Warner Bros Discovery's HBO Max, CNN, Discovery networks and franchises such as Harry Potter and Sinners will now sit alongside Paramount+, CBS and iconic Paramount titles including Top Gun and The Godfather.

Ellison's Skydance acquired Paramount for about $8 billion last year before tu...