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David Ellison Has Hollywood Scale. Now He Needs Precision.

David Ellison has assembled one of Hollywood’s broadest media portfolios. Now he has to decide which parts of the Skydance empire get top billing.

To borrow Frodo Baggins after the One Ring is destroyed: “It’s done.” After months of uncertainty, David Ellison finally has Paramount and Warner Bros. under one corporate roof at Skydance. The hard part starts now.

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The hierarchy is already beginning to emerge. Paramount streaming chief Cindy Holland exited a week before the deal closed, and HBO’s Casey Bloys was tapped to oversee original programming and strategy across HBO Max and Paramount . Ellison also brought in former Mattel CEO Ynon Kreiz as co-CEO, with Kreiz running day-to-day operations and integration while Ellison focuses on long-term strategy, creative direction, technology and capital allocation.

The combination gives Skydance a sprawling collection of film, television, streaming, news, sports and children’s entertainment assets. It also starts the combined company with nearly $79 billion in pro forma net debt and a target of at least $6 billion in run-rate synergies within three years. Not every brand, division or executive can be a priority.

David Ellison’s Expanding Hollywood Empire

Skydance has more stars than it can keep happy. Its portfolio now includes Paramount, Warner Bros., HBO, HBO Max, Paramount , Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV and Comedy Central, among other brands. All now sit inside the same company.

That breadth invites obvious questions. What gets consolidated? What could be sold? What survives intact? For now, the eventual shape of the portfolio remains unsettled.

Disney’s acquisition of 21st........

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