The $110 billion merger of Paramount Skydance and Warner Bros. Discovery, set to close on October 6, will create a new entertainment giant called Skydance.

Announced by Paramount CEO David Ellison on October 2, the new corporate name comes from the film studio Ellison founded in 2006, which merged with Paramount last year. The Paramount and Warner Bros. brands will remain as separate labels.

The combined company will bring together two major Hollywood studios, streaming services Paramount+ and HBO Max, and networks including CBS, CNN, MTV, TBS and Food Network. It will control franchises such as the DC Universe, ‘The Lord of the Rings’ and ‘Game of Thrones’.

Paramount is paying $31 per share for Warner Bros. Discovery, valuing it at about $81 billion in equity and $110 billion including debt.

The deal faced opposition: twelve US states sued on antitrust grounds and the Writers Guild of America also opposed it, but a federal judge approved a settlement with the states this week. Ynon Kreiz is expected to become co-CEO, running day-to-day operations.