Paramount bought Warner Bros. Discovery.

The deal cost $81 billion.

It closed on Tuesday.

The new company is called Skydance.

It has Paramount+ and HBO Max.

It also has Discovery+ and Pluto TV and BET+.

CEO David Ellison said the company will join its streaming products.

They will become one service over time.

He also said HBO should stay HBO.

It should keep some independence.

The streaming library is about 14% of the U.S. market.

The guide JustWatch said this.

That is like Disney+.

But it is behind Amazon Prime at 17%.

And it is behind Netflix at 19%.

Critics warn that subscription fees could go up.

The company must pay down debt.

Ellison took on this debt for the deal.

The merger also leaves fewer companies.

They control old film production.

Last month the company made a deal with 12 states.

The company agreed to release 30 films in theaters each year.

It will do this for two years.

Then it will release 32 films a year.

It will do this for three more years.

The deal puts CNN and CBS under the same owner.

Many journalists worry about this.

The Ellison family is close to President Donald Trump.

CBS News has moved to please conservative viewers.

This happened after Ellison named Bari Weiss as editor-in-chief.

At “60 Minutes,” management fired its executive producer.

They also fired three veteran correspondents.

Those correspondents said Weiss wanted changes to news reports.

They said the changes seemed political.

Trump has called both networks’ reporting “fake news.”

On Tuesday he said he is happy the merger closed.

The FCC allowed sovereign funds from Saudi Arabia, Qatar and the United Arab Emirates.

They can indirectly own nearly 50% of the company’s equity.

They could own up to 100% through future investments.

They have no voting rights.

Ellison has said CNN will keep editorial independence.

The company is keeping Mark Thompson as CNN’s editor-in-chief.

It has agreed to form a “News Editorial Independence Board.”

Skydance’s corporate board will choose who sits on that body.