David Ellison Says ‘We’re Not Rewriting History’ With Paramount, Warner Bros. Merger — ‘Together, We Are Skydance’

• Ellison stated Skydance will be “a creative-first home for bold, quality storytelling” for the combined company.
• He said Paramount and Warner Bros. each have distinct identities, legacies and brands that have resonated with audiences for generations.
• The CEO added he is “excited” about what the combined company will build, framing the deal as the beginning of a new phase.

Paramount (PSKY) Chairman and CEO David Ellison said the combined Paramount and Warner Bros. Discovery (WBD) will operate under the Skydance name, but stressed that the new identity is not meant to erase the two studios’ storied brands.

“We’re not rewriting history,” Ellison wrote in a post on X, adding that the combination is intended to give the two studios “a more powerful engine” while preserving what has made them iconic.

“Together, we are Skydance: a creative-first home for bold, quality storytelling,” Ellison stated in announcing the name for the combined company.

PSKY stock rose around 2.6% in morning trade. On Stocktwits, retail sentiment improved to ‘bullish’ from ‘neutral’ territory over the past day. 

Skydance To Build On Paramount, Warner Bros. Legacy

Ellison said Paramount and Warner Bros. have shaped more than a century of culture, with distinct identities and brands that have resonated with audiences for generations. The Skydance name will instead give the combined company an identity of its own while keeping Paramount, Warner Bros. and their broader portfolios in the spotlight.

“We never wanted a new corporate identity to diminish, alter or overshadow either one,” Ellison said. He noted that the combination will give both studios greater scale and capabilities to grow, produce more stories and reach broader audiences around the world.

Ellison Adds Mattel’s Ynon Kreiz As Co-CEO

Earlier this week, Ellison also announced that Ynon Kreiz, Mattel’s chairman and CEO, will become Co-CEO of the combined company once the Warner Bros. Discovery deal closes, which is expected to be on October 6.

Ellison will focus on long-term strategy, creative direction and technology, while Kreiz will oversee day-to-day operations and integration of the combined businesses.

Ellison Sets ‘Big Goals’ For Skydance

Ellison said the combined company will pursue growth with “passion, imagination and a willingness to take smart risks.” 

“We have big goals for Skydance,” he said, adding that Paramount and Warner Bros. will have the opportunity to grow while continuing to tell the stories that have defined their respective studios.

“I couldn’t be more excited about what we’re going to build together,” Ellison said. However, some retail traders on Stocktwits did not share his enthusiasm. 

PSKY stock has fallen nearly 30% this year and almost 50% in the last 12 months. 

Read also: NVDA Stock Hits Record High After Morgan Stanley Names Nvidia Top Pick, Says AI Trends Play To Its ‘Strengths’

For updates and corrections, email newsroom[at]stocktwits[dot]com.