Following the acquisition of Warner Bros. Discovery, Paramount is bringing its film and streaming businesses together under the umbrella of the new Skydance group. Whilst Paramount Pictures and Warner Bros. Pictures are set to continue developing and releasing their film line-ups independently under their existing brands, closer collaboration is planned in the streaming business. Labels such as DC Studios and New Line Cinema are also set to retain their respective identities.

HBO Max and Paramount+ are set to come under joint management in future. However, this does not automatically mean that the two platforms will be fully merged.

The completion of the transaction on 6 October also marked the end of David Zaslav’s tenure as CEO of Warner Bros. Discovery. According to a filing with the US Securities and Exchange Commission (SEC), the value of his severance package amounts to US$606.1 million before tax. This includes, amongst other things, share options worth US$381.7 million as well as other share-based entitlements. The total should therefore not be regarded as a severance payment alone.

Zaslav had been at the helm of Warner Bros. Discovery since 2022. During his tenure, the company’s debt fell from around 53 to, most recently, 33 billion dollars. The new group still faces a considerable debt burden. The key will be how Skydance maintains the independent studio brands whilst at the same time realising synergies in the streaming business.