Paramount and Warner Bros. Complete Mega-Merger Deal

The media merger, valued at between $110 billion and $111 billion, officially closed following antitrust reviews and competing bids.

The merger between media conglomerates Paramount and Warner Bros. Discovery officially closed on Tuesday, CNBC and Engadget reported. The transaction was valued at approximately $110 billion according to Engadget, and at $111 billion according to IMDb.

According to CNBC, Paramount finalized the takeover following a prolonged contest that involved competing buyout bids and regulatory antitrust hurdles. Following the closing, David Ellison described the occasion as "a historic day, not just for Skydance but for our entire industry," as quoted by IMDb.

Further details regarding the combined entity's executive management structure have not yet been released.