Skydance-owned Paramount officially closes its $81 billion takeover of Warner Bros. Discovery

Skydance-owned Paramount on Tuesday officially closed its $81 billion takeover of Warner Bros. Discovery.

The merger brings together two of the United States' oldest movie-making studios and brings HBO Max and even networks such as CNN under the same roof as Paramount+, CBS and the likes of “Top Gun” and “The Godfather," according to the Associated Press.

The new entity will be led by billionaire David Ellison, and his new co-CEO, Ynon Kreiz. Ellison’s Skydance last year bought out Paramount for $8 billion, then set its sights on Warner soon after, which resulted in a tumultuous, roughly year-long fight over Warner’s future, the wire service also reports.