Paramount's Ellison to close $81 billion Warner deal next week
Big news in the entertainment world: Paramount Chief Executive David Ellison is set to wrap up an $81 billion deal to buy Warner next week.
This merger will create a new media giant called Skydance, bringing together huge names like HBO and CNN under one roof.
The goal? To boost streaming and production power so they can keep up with Netflix and Disney.
Ellison faces almost $80B debt
Ellison has some big challenges ahead: he'll be managing almost $80 billion in debt while aiming for $6 billion in annual synergies within three years.
David Ellison has promised to release at least 30 films a year.
To help steer the ship, Ynon Kreiz will join as co-CEO and Casey Bloys will lead the streaming game plan.
Despite all these changes, Ellison says the company is committed to continue investing heavily in content.