Authored by Jill McLaughlin via The Epoch Times,

Paramount and Warner Bros. studios will be combined under one company named Skydance, company CEO David Ellison announced Oct. 2 on his newly opened X account.

"We have big goals for Skydance, and we intend to pursue them with passion, imagination, and a willingness to take smart risks," Ellison said.

"At the same time, we will honor what makes Paramount and Warner Bros. special - giving both studios the opportunity to grow, tell more great stories, and bring those stories to even broader audiences around the world, powered by the scale and capabilities of Skydance," he said.

Ellison said the company chose the name Skydance for a few reasons. The company will serve as an umbrella entity over Paramount and Warner Bros., bringing the iconic studios together under one roof while also preserving their "distinct identities, extraordinary legacies, and brands that have resonated with audiences for generations."

"We never wanted a new corporate identity to diminish, alter or overshadow either one," Ellison said in the post. "Instead, we wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros. - and all our extraordinary brands - to remain in the spotlight."

The company's assets now include Paramount Pictures and Warner Bros. Pictures, Skydance Animation, Nickelodeon Animation Studio and Avatar Studios; CBS, Showtime, MTV, CNN, TNT, TBS, Comedy Central, Food Network, HGTV, Discovery Channel, HBO/HBO Max, Paramount Plus, and others.

Skydance also owns the film rights to at least 22 of the industry's biggest franchises, including Star Trek, DC Comics, Looney Tunes, Game of Thrones, Dora The Explorer, Mission Impossible, The Lord of the Rings, SpongeBob SquarePants, Avatar: The Last Airbender, and Transformers.

Ellison announced on Sept. 30 that Ynon Kreiz would serve as co-CEO of the merged company when it officially closed. He joins the company from Mattel, a leading entertainment company where he has served as chairman and CEO since 2018.

Kreiz will oversee the company's day-to-day operations and integration of the combined businesses, while Ellison will lead the strategy, creative, and technology aspects of the company, according to Ellison.

"I'm excited to partner with David to build the next-generation media and entertainment company - bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform," Kreiz said in a statement.

Paramount Skydance settled a lawsuit with California and 11 other states on Sept. 21 that attempted to block the $111 billion acquisition, clearing a path for one of the largest media mergers in history.

The settlement was approved by a U.S. District Judge Sept. 30, paving the way for the merger to officially close on Oct. 6.