Paramount completed its acquisition of Warner Bros. Discovery in a deal valued at $111 billion including debt. The combined company, Skydance, brings together Paramount+, HBO Max, CBS and CNN, among other assets. A court denied an emergency request to halt the deal, and an agreement with California includes board mechanisms intended to protect news editorial independence. Concerns remain that the company selects those directors and carries roughly $80 billion in debt. Voting power is concentrated with the Ellison side and RedBird, while foreign sovereign wealth funds participate as nonvoting investors.