Read the memo: David Ellison addresses staff as Paramount Skydance and Warner Bros. make it official

Core Viewpoint - Paramount has officially announced a definitive merger agreement with Warner Bros. Discovery, acquiring valuable assets including HBO, CNN, and DC Studios [1] Group 1: Merger Announcement - Paramount has entered into a definitive agreement to acquire Warner Bros. Discovery, as confirmed in an official announcement [1][2] - The merger is seen as a significant step in building a next-generation global media and entertainment company [5] Group 2: Strategic Vision - The merger unites two iconic studios and complementary streaming platforms, aiming to create a more dynamic and competitive company [4] - The acquisition is expected to enhance Paramount's ability to create compelling stories and experiences, thereby expanding its reach [5] Group 3: Transaction Details - The transaction is subject to customary closing conditions, including regulatory approvals and WBD shareholder approval, with a vote anticipated in early spring 2026 [6] - Until the closing of the deal, Paramount and WBD will continue to operate as separate entities [6] Group 4: Leadership Communication - CEO David Ellison expressed gratitude for the team's patience and commitment throughout the merger process, highlighting the hard work involved [3][7] - Ellison reassured employees that the company will provide updates as the process unfolds [7]