LOS ANGELES  –  Paramount Skydance has officially taken over Warner Bros Discovery in a $110bn merger that is set to reshape Hollywood and the media landscape. The takeover – merging two of the biggest studios in Los Angeles – comes after months of legal disputes and widespread criticism over feared cuts and consolidation could harm competition and consumers.

It will alter streaming for millions, usher in a new chapter in the film and TV industry, and leave one of the biggest US news outlets, CNN, in uncertain territory.

The merger will also bring together a host of entities including HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network. Paramount will acquire ownership of iconic franchises that include Harry Potter, Game of Thrones, The Lord of the Rings to add to its existing catalogue of hit franchises which includes Indiana Jones, Mission: Impossible and Shrek.