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Paramount closes its hard-fought takeover of Warner Bros. Discovery

David Ellison's Paramount Skydance is set to close its acquisition of Warner Bros. Discovery on Tuesday after a year of rejected offers, a bidding war, multiple regulatory approvals, an antitrust challenge from state attorneys general and a settlement. The combined group will be renamed Skydance and trade under ticker "SKYD," controlling two storied film studios and nearly a third of basic cable programming.

Why it matters: One of the largest media conglomerates ever assembled lands just as streaming economics force the rest of Hollywood to pick a side.

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