Hollywood is preparing for the arrival of a new entertainment giant as Paramount and Warner Bros. Discovery move closer to completing their $111 billion merger, with the combined company set to operate under the name Skydance.

The name was announced by David Ellison, chairman and chief executive officer of the soon-to-be combined company, who chose the name of his original production outfit, Skydance Media, as the corporate identity for the new conglomerate.

The transaction is scheduled to close on October 6, bringing together two of Hollywood’s most prominent film studios and a vast collection of television, streaming and entertainment properties.

The combined business will bring together HBO Max and Paramount+, while also incorporating major television networks and brands including CBS, CNN, MTV, TBS, Comedy Central and Food Network.

Its entertainment portfolio will also include some of the biggest franchises in global popular culture, ranging from Harry Potter and The Lord of the Rings to Game of Thrones, the DC Universe, Yellowstone, Mission: Impossible, Top Gun and Nickelodeon.

Ellison will serve as chairman and CEO, while Ynon Kreiz, the former Mattel chief executive, will become co-CEO. Kreiz is scheduled to officially join the company on October 5, a day before the merger closes.

As part of the corporate transition, the company's Class B common stock will move from Nasdaq to the New York Stock Exchange on October 6. The stock ticker is expected to change from “PSKY” to “SKYD”, while the company plans to amend its certificate of incorporation to adopt the formal name “Skydance Corporation.”

Announcing the name on X, Ellison said the decision was intended to create a new corporate identity without erasing the histories of Paramount or Warner Bros.

“Paramount and Warner Bros. shaped over a century of culture,” Ellison wrote. “By combining them, we aren’t rewriting history — we’re equipping these iconic studios with a more powerful engine. Together, we are Skydance: a creative-first home for bold, quality storytelling.”

Explaining the choice further, Ellison said the company wanted to protect the individual identities of the two historic studios while giving the merged business an identity of its own.

“We chose this name for a few important reasons. First and foremost, as we bring Paramount and Warner Bros. together, we wanted to preserve what has made each of these studios iconic,” he wrote.

“Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations. We never wanted a new corporate identity to diminish, alter or overshadow either one. 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.”

Ellison also outlined an ambitious vision for the new company, promising to pursue growth while maintaining the creative traditions associated with the two studios.

“We have big goals for Skydance, and we intend to pursue them with passion, imagination and a willingness to take smart risks,” he said.

“At the same time, we will honor what makes Paramount and Warner Bros. special — giving both studios the opportunity to grow, tell more great stories and bring those stories to even broader audiences around the world, powered by the scale and capabilities of Skydance. I couldn’t be more excited about what we’re going to build together.”

The announcement marks the culmination of Ellison's lengthy effort to bring the two entertainment companies together. The transaction also involved competition from Netflix, which had reached an agreement to acquire Warner Bros.' streaming and studios businesses, while Paramount faced a major legal challenge from 12 states seeking to prevent the merger on antitrust grounds.

The final legal obstacle was cleared on September 30 when the judge overseeing the 12-state antitrust case approved a settlement between Paramount and the state attorneys general.

The proposed combination had attracted plenty of unofficial names during the negotiations, including “ParaBros” and “WarnerMount,” but the companies ultimately settled on Skydance for the new corporate identity.

The merger, however, will leave the new company carrying a substantial debt burden. Its total debt is projected to exceed $80 billion after the combined business assumes existing obligations from Paramount and Warner Bros. Discovery while also taking on additional financing.

Paramount is issuing approximately $42.4 billion in bonds and taking out a further $8.5 billion and €850 million in new loans to help finance the Warner Bros. transaction and refinance existing debt.

The ownership structure will see David Ellison and his father, Oracle founder Larry Ellison, work alongside Gerry Cardinale, founder and managing partner of RedBird Capital Partners, in controlling the new company.

Larry Ellison has personally guaranteed $46.7 billion in equity financing for the Warner Bros. Discovery acquisition. Paramount has also secured about $24 billion in commitments from sovereign wealth funds in Saudi Arabia, Qatar and the United Arab Emirates.

According to Paramount, the three Middle Eastern funds will collectively own 38.5% of the combined company.

Meanwhile, the management structure of the new entertainment empire is beginning to take shape.

Michael De Luca and Pamela Abdy, who currently serve as co-heads of Warner Bros. Motion Picture Group, are expected to leave following the merger, while Paramount film executives Dana Goldberg and Josh Greenstein are positioned to oversee the combined movie studio operation.

Casey Bloys, who currently heads HBO and HBO Max at Warner Bros. Discovery, is expected to take responsibility for the enlarged streaming operation. His appointment follows Cindy Holland's announcement that she would step down from her position overseeing Paramount+ and the company's other direct-to-consumer businesses.

CNN chief executive Mark Thompson is also the subject of discussions about his future with the combined company. Ellison has held preliminary talks with Thompson about remaining at CNN after the merger.

The leadership changes come as the new Skydance prepares to manage one of the largest collections of entertainment brands in the world, combining Hollywood's historic studios with an extensive television and streaming portfolio.

With the transaction scheduled to close on October 6, the industry is now turning its attention from the deal itself to how Ellison and his leadership team will integrate two major entertainment companies while preserving the identities of the brands that have defined American popular culture for generations.