Paramount takes over Warner Bros in $110bn Hollywood merger

Paramount Skydance has officially taken over Warner Bros Discovery in a $110bn merger that is set to reshape Hollywood and the media landscape.

The takeover - merging two of the biggest studios in Los Angeles - comes after months of legal disputes and widespread criticism over feared cuts and consolidation could harm competition and consumers.

It will alter streaming for millions, usher in a new chapter in the film and TV industry, and leave one of the biggest US news outlets, CNN, in uncertain territory.

The merger will also bring together a host of entities including HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network.

Paramount will acquire ownership of iconic franchises that include Harry Potter, Game of Thrones, The Lord of the Rings and Mission: Impossible.

The newly merged entertainment behemoth will be re-branded under the name Skydance Corporation, the company originally founded by David Ellison before he took over both Paramount and Warner Bros Discover.

Ellison, chairman and chief executive of Skydance, said the completion of the deal was "historic" for the film industry.

"From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality," he said.