Mega-merger of Paramount and Warner Bros. Discovery takes effect

Paramount and Warner Bros. Discovery have officially merged into Skydance Corp, which began trading on the NYSE this Tuesday. This mega-merger establishes one of the largest media companies globally. While leadership claims the move will foster greater innovation for consumers, Chairman and CEO David Ellison and co-CEO Ynon Kreiz notified staffers via a memo that layoffs are coming. The new entity combines the operations of the previous companies under the Skydance corporate brand.