From Chicago: A major takeover in the entertainment industry has been completed, with Paramount, owned by Skydance, finalizing its $81 billion acquisition of Warner Bros. Discovery. This merger brings together two of America's oldest moviemaking studios under the name Skydance. The combined entity will oversee a wide range of titles and networks, including HBO Max, CNN, and Paramount+. Billionaire David Ellison will lead the new company, along with co-CEO Ynon Kreiz.

Further details about the merger and its implications are available. The deal is reported to have followed a tumultuous, roughly yearlong process.