David Ellison names Ynon Kreiz co-CEO of Paramount and Warner Bros. Discovery

What happened

Summary: Sources report Paramount's takeover of Warner Bros. Discovery, with David Ellison naming Ynon Kreiz co-CEO and the combined company to be named Skydance.
Key point: CNBC reports David Ellison named Ynon Kreiz co-CEO of the anticipated Paramount-WBD combination.
Key point: CNBC reports Ellison said the combined Paramount and Warner Bros. Discovery will be named Skydance.
Key point: BBC and ABC report Paramount took over Warner Bros. in a $110bn merger, forming Skydance under David Ellison.
Qualification: CNBC says the takeover closes Tuesday; BBC cites months of legal disputes and competition concern.
Qualification: CNBC says Paramount faced competing bids and an antitrust hurdle during takeover attempts.