Warner Bros. and Paramount merger approved

The merger of Warner Bros.

Discovery and Paramount Skydance marks a seismic shift in the entertainment landscape, reducing the number of major US film studios to just four.

While investors have cheered the deal, it has faced fierce opposition from Hollywood creators who fear job losses and reduced creative diversity.

David Ellison is set to lead the combined entity, promising to modernize the legacy brands for the streaming era.

Protests greeted the announcement as critics warned of a growing monopoly in the media sector.