The merged company formed by the acquisition of Warner Bros. Discovery will be called Skydance, as announced by David Ellison. The new name serves as a corporate identity for the combined organization while allowing the legacy brands of Paramount and Warner Bros. to remain in the spotlight. Ellison described the firm as a creative-first home for storytelling that will equip both studios with a more powerful engine for growth.

The takeover will close on Oct 6 after a California federal judge approved a settlement with 12 state attorneys general to resolve antitrust lawsuits. The $110 billion acquisition moves forward under a consent decree the judge called a fair and reasonable approach to addressing competition concerns. As part of the agreement, Paramount committed to releasing at least 30 films annually and creating an editorial board to oversee operations at both CNN and CBS News.