Skydance co-CEO David Ellison told CNBC that the company's newly closed acquisition of Paramount by Warner Bros. Discovery positions it to compete across all media segments. The combined entity operates film studios Paramount and Warner Bros., the CBS broadcast network, cable channels including CNN, TNT, MTV and BET, and streaming services Paramount+ and HBO Max, which together count over 200 million global subscribers.

Ellison highlighted the portfolio's scale in content production, intellectual property, and sports rights including the Olympics. He and co-CEO Ynon Kreiz will split leadership: Ellison overseeing creative vision, technology and strategy while Kreiz manages integration and day-to-day operations.

The company faces substantial constraints from its antitrust settlement with state attorneys general. Skydance must release at least 30 films annually in theaters in 2027 and 2028, and at least 32 films per year from 2029 through 2031. The combined entity currently has 35 films scheduled for next year, according to Rentrak data.

Skydance carries roughly $80 billion in debt from the merger and is targeting $6 billion in cost savings over three years. Ellison said operational efficiencies will come from consolidation in technology, marketing, real estate and labor. Kreiz acknowledged that workforce reductions are part of the plan, saying the company will communicate changes "respectfully, transparently" as it considers people alongside cost targets.

The merger unites CBS and CNN under single ownership. Kreiz said the newsrooms will operate independently. The deal's settlement required Skydance to establish a new board overseeing CBS and CNN to protect editorial independence. Mark Thompson remains chairman and editor-in-chief of CNN Worldwide, while Bari Weiss continues as editor-in-chief of CBS News.

Ellison said questions about the news divisions should go to Thompson and Weiss, stating "Corporate stays out of editorial." Kreiz emphasized the company's commitment to keeping the news brands "run in parallel with independent editorial operation."