The entertainment landscape is bracing for a seismic shift next week as David Ellison’s Skydance Media officially completes its acquisition of Warner Bros. Discovery. In anticipation of this monumental merger, Ellison has unveiled the name of the new combined company: Skydance.

In a memo to employees, obtained by Variety, Ellison articulated his vision for the future, emphasizing a desire to honor the rich legacies of both Paramount and Warner Bros. He explained, “As we bring Paramount and Warner Bros. together, we wanted to preserve what has made each of these studios iconic.” The choice of Skydance, he added, provides a distinct corporate identity without overshadowing the established brands, allowing them to “remain in the spotlight.” The Skydance name, which Ellison founded 20 years ago, is deeply personal to him, rooted in his love of flight and the boundless potential of cinematic storytelling.

This corporate rebranding is accompanied by a major shake-up in leadership. Most notably, Warner Bros. Motion Picture Group co-chairs Pamela Abdy and Michael De Luca are departing, with Variety confirming their exit on Thursday night. While insiders suggest the duo was surprised by the decision, others familiar with the situation noted that their fate had been a significant question mark, particularly given Warner Bros. Discovery’s recent film division losses this year. Ellison reportedly spoke with Abdy and De Luca personally on Friday, which is understood to be their final day.

On the Paramount side, leaders Dana Goldberg and Josh Greenstein are set for elevated creative roles, overseeing individual film labels across both companies. Meanwhile, Casey Bloys, already a powerhouse at HBO, is expected to take the reins of all streaming operations, following the recent departure of Paramount+ streaming head Cindy Holland.

Beyond the executive reshuffling, dealmaking is already in full swing. Goldberg and Greenstein are reportedly reaching out to key talent at Warner Bros., including Margot Robbie and her LuckyChap partners, to ensure continuity. Perhaps the most exciting development for film fans is the renewed momentum behind a sequel to Greta Gerwig’s blockbuster hit, 'Barbie'. The project had previously stalled over cost concerns, but a knowledgeable source emphatically told Variety, “There’s no way ‘Barbie 2’ doesn’t happen.” This sentiment is bolstered by Ellison’s recent appointment of former Mattel CEO Ynon Kriez as co-CEO of the new combined company, signaling a clear strategic interest in leveraging the iconic toy brand further.