The $111 billion Paramount and Warner Bros. Discovery deal is set to close today, and CEO David Ellison has unveiled the team that will run the entertainment juggernaut.
Ellison will serve as chairman and CEO, alongside former Mattel chief Ynon Kreiz as co-CEO.
Casey Bloys will oversee streaming platforms HBO Max, Paramount+ and Pluto TV; George Cheeks will lead television, while Josh Greenstein and Dana Goldberg will jointly run the film business, which has legally committed to releasing 32 movies a year.
James Gunn and Peter Safran will lead DC Studios, while JB Perrette will handle business operations across television and streaming.
CNN gets stability
Mark Thompson will remain in charge of CNN after reaching an agreement with Ellison. He said he believes the new leadership supports independent journalism. Bari Weiss will continue running CBS News.
Zaslav exits
David Zaslav, the CEO and president of WBD since its creation in 2022, bid farewell to the company on Monday, sharing a video praising its hit movies and shows like Barbie, Dune, Friends, and Harry Potter.
Zaslav will receive at least $550 million as his exit package. Under his leadership, WBD’s adjusted EBITDA improved from a $2.1 billion loss in 2022 to a $1.4 billion profit in 2025.
Paramount took on substantial debt to fund the deal, pushing the new company’s estimated net debt above $80 billion.