David Ellison says combined Paramount and Warner Bros Discovery will be named Skydance

Oct 2 — Paramount Skydance CEO David Ellison on Friday said upon closing the company's merger ​with Warner Bros Discovery, the combined entity will be called Skydance.

The move was aimed at maintaining separate identities of the Paramount and Warner Bros ‌studios, rather than have a new corporate identity overshadow them, Ellison added.

The combined company will be an entertainment behemoth spanning ⁠film, TV and news, uniting the ​studios behind the "Mission: Impossible" and "Harry Potter" films ⁠with major television and streaming networks such as CBS, CNN, Paramount+ and HBO ‌Max.

"We never wanted a ‌new corporate identity to diminish, alter or overshadow either one," Ellison wrote ⁠in a social media post. "Instead, 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."

The company plans to change its legal name to Skydance Corporation on October 6, according to a regulatory filing. On the same day, its Class ‌B shares are expected to move from Nasdaq to ​the New York Stock Exchange, where they will trade under the ticker "SKYD" instead of "PSKY."

"The name is ego-driven. It reminds everyone that the most iconic Hollywood brands answer to Ellison and it is his company who won out," said Ross Benes, senior analyst at Emarketer.

A US judge on Wednesday entered an order allowing Paramount Skydance to close its $110 billion acquisition of Warner Bros Discovery, ending a months-long ​holdup.

The order approved a September 21 settlement with a California-led group of 12 states that ‌had sued to block ‌the merger, ⁠arguing it would create a media giant capable of driving up film and TV prices.

Ellison earlier this week named Ynon Kreiz as his co-CEO, tasking the Mattel CEO with running day-to-day operations and leading the integration, freeing him up to helm creative direction ‌and overall strategy.

The duo ​faces a target of saving $6 billion in costs ‌while managing roughly $80 billion ⁠in combined debt.

(Reporting ​by Anzar Mehraj, Deborah Sophia and Jaspreet Singh in Bengaluru; Editing by Shreya Biswas; Editing by ​Joyjeet Das)

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