David Ellison is celebrating in style after completing Paramount’s Warner Bros. Discovery merger, forming media giant Skydance.
Ellison and his leadership team rang the opening bell at the New York Stock Exchange on Thursday morning in New York’s Financial District, days after addressing staff on Skydance’s first day.
I’ve closely followed the Paramount-WBD saga for nearly a year including:
So when I saw Ellison and company ring the bell on Wall Street, it felt like a symbolic way to close this chapter of Skydance’s story — even though the real action is just beginning.
While Skydance executives were in celebration mode on Thursday, they face a litany of challenges, including a roughly $80 billion debt load and potent competition in streaming from the likes of Netflix, Disney, and YouTube. Although HBO Max and Paramount+ may be stronger together, Ellison and Skydance’s leaders need to figure out how to integrate their streamers.
Skydance shares rose more than 5% on Thursday but are down 30% this year and have lost nearly half their value in the last 12 months. Those losses didn’t stop Ellison from projecting confidence.
“We are positioned to win in every single vertical that we operate in,” Ellison told CNBC at the NYSE before ringing the opening bell. “By combining Paramount and Warner Bros., we have the greatest content engine with marquee intellectual property.”
Here are 18 photos I took at Skydance’s opening bell ceremony.
A giant Skydance banner was draped over the front of the New York Stock Exchange for the ceremony, along with some of the new company’s biggest brands
James Faris/Business Insider
Inside, Skydance’s new logo was everywhere, next to those of Warner Bros. and Paramount
James Faris/Business Insider
Skydance displayed props from some of its biggest hits, including this helmet from the best-picture nominee ‘Top Gun: Maverick’
James Faris/Business Insider
Also on display were props from Harry Potter, including this Gryffindor uniform and a Golden Snitch
James Faris/Business Insider
Shoes from Paramount’s best picture-winning ‘Forrest Gump’ were also in the lobby
James Faris/Business Insider
The NYSE trading floor was bustling with people connected to Paramount, Skydance, and RedBird Capital (a major Skydance investor)
James Faris/Business Insider
New Skydance co-CEO Ynon Kreiz (left center) and CEO David Ellison (right center) took the trading floor
James Faris/Business Insider
I had a front-row view as Skydance’s leadership team gathered ahead of the opening bell
James Faris/Business Insider
Ellison was front and center, flanked by the team he assembled to lead the new media giant
James Faris/Business Insider
Ellison and his fellow executives posed for the crowd
James Faris/Business Insider
Skydance’s executives were jubilant as Ellison rang the opening bell
James Faris/Business Insider
Ellison and his team clapped and shook each other’s hands, congratulating themselves after months of waiting to buy WBD
James Faris/Business Insider
Ellison and his team then left the perch from which they rang the opening bell
James Faris/Business Insider
A backdrop emblazoned with Skydance’s logos next to those of Paramount and Warner Bros. marked the new company’s appearance
James Faris/Business Insider
Ellison and Kreiz then met with officials on the NYSE trading floor
James Faris/Business Insider
Ellison and his colleagues posed for photos to commemorate the launch of their new company
James Faris/Business Insider
Kreiz (left) took in the scene, less than a week after leaving his role as Mattel’s CEO to join Skydance
James Faris/Business Insider
Kreiz, Ellison, and a trader posed as Skydance shares rose in early trading
James Faris/Business Insider
