From Chicago: A major merger has been completed, creating a new Hollywood giant. Skydance-owned Paramount has taken over Warner Bros. Discovery in an $81 billion deal. This brings together two of America's oldest moviemaking studios, combining notable titles and networks under one entity.

The merger puts HBO Max, CNN, and various film titles under the same ownership as Paramount+ and CBS. Billionaire David Ellison will lead the new company, alongside co-CEO Ynon Kreiz.

Further details about the merger and its implications are available from the source, including the background of the deal and the concentration of power in the industry.