Ellison and Kreiz Take Charge as Paramount Deal Creates Skydance

David Ellison and Ynon Kreiz are now running Hollywood's newest giant together.

The pair spent their first day as chief executives of Skydance working two studio lots. They started with staff and finished with reporters.

The morning began with a company town hall on the Warner Bros. lot. CNN's Anderson Cooper interviewed them in front of employees, according to Deadline.

The afternoon moved across town to the Paramount studio lot. There Ellison and Kreiz held a press conference with reporters on Stage 3, a virtual production stage that uses laser projection.

That stage sums up what they now control. Paramount has completed its acquisition of Warner Bros. Discovery, Skydance said in a press release titled "Paramount Completes Acquisition of Warner Bros. Discovery Creating a New Global Entertainment Leader" on 6 October. The combined organisation will be called Skydance, as reported by CNBC.

The deal had been expected to close on Tuesday, CNBC reported on 5 October. A company statement on 30 September set out the top structure: Ellison remains Chairman and CEO, while Kreiz serves as Co-CEO and joins the Board of Directors, according to Skydance investor relations.

At the press conference, Kreiz described a clear split. Ellison will focus on creative, technology and long-term strategy. Kreiz will focus on operations, day-to-day management and integration.

Ellison and Kreiz have also named a chief executive leadership team for the period after the anticipated close of the Warner Bros. Discovery acquisition, Skydance announced on 5 October. Leadership at CNN and CBS News will stay unchanged after the merger, Reuters reported on 6 October. The two chief executives are targeting $6 billion in savings from the merger.

For fans, this means the change is backstage for now. The channels, streaming services and cinemas keep their names and bosses while two men decide how they fit together.