Paramount Skydance officially completed their merger on Tuesday, bringing a nearly year long effort to combine two of among Hollywood’s most powerful entertainment franchises—Paramount and Warner Bros. Discovery—under one roof

The $110 billion deal includes two major film studios, two global streaming services, CBS, HBO, and Paramount's and WBD's cable networks, CBS News and CNN, as well as a content portfolio that includes live sports, an extensive programming library and expansive collection of iconic brands and franchises.

The new merged company, “Skydance” promises a minimum of 30 high profile theatrical films and more than 180 new television shows and series in the coming years,

As one of the largest media and entertainment companies in the world now, with nearly $70 billion in revenue, the company also announced that it is “targeting $6 billion-plus in run-rate synergies" (aka cost reductions) over the next three years through technology, integration and procurement, marketing and real-estate savings and layoffs.

These plans were made evident in a memo sent to employees on Tuesday from David Ellison, chairman and CEO, and co-CEO Ynon Kreiz.

In the memo, leaked to Variety, they said that “integrating two companies will bring change, including difficult decisions that affect our workforce,” and that “We are committed to handling this process thoughtfully and respectfully.”

Calling Tuesday, Oct. 6, “Day One,” they added that the new Skydance will “build the next-generation media and entertainment company, powered by creativity and technology. The goal was never simply to add more production capacity, brands or IP. It was to unite the talent, resources and capabilities of these companies into a stronger competitor, one with the scale to take on the biggest players in our industry.”

The two executives also said they would “embrace” the latest technology for storytelling.

“We will use technology, data and emerging capabilities to improve how we create, distribute and monetize content, from new production tools to personalization and entirely new ways for fans to engage with the stories they love,” they said. “We will embrace the opportunities AI provides to expand what our creatives can imagine and to make our businesses even more productive. The opportunities ahead are enormous, and we intend to seize them. But one principle will never change: technology must serve the art—never the other way around.”

Dan Larkman, founder and CEO of performance CTV technology company Keynes:

"What's exciting is that the commitment to keep making great content is still there. What changes is the flexibility to move money and content across channels. But this really shows the whole industry completing its migration into streaming. Tech giants like Amazon and Walmart led the way, and now traditional media is consolidating to compete at that scale. Through all of it, the constant is measurement. Advertisers still ask whether it drove an outcome, and CTV as a performance channel answers that."

In other news yesterday, RedBird Capital Partners announced an additional $4 billion in new equity financing for Skydance, bringing its total commitment to the new company to $6 billion.

As reported by The Hollywood Reporter, RedBird founder Gerry Cardinale called the merger “a defining moment for the industry” that will “build a stronger Hollywood” in a “media landscape that’s undergoing transformation change.”

WASHINGTON—The American Cable Association last week told the FCC that the agency cannot ignore the harm to consumers that will result from allowing the acquisition of Raycom Media by Gray Television.

In reply comments filed Sept. 21 with the FCC, ACA reiterated its contention that the acquisition will give Gray a presence in new markets, further consolidate local media ownership and set the stage for higher retransmission fees, which ultimately will lead to higher prices for consumers.

ACA told the commission that Gray had not offered “a serious rebuttal” to the assertion that allowing the deal to move forward would result in higher retrans fees.

In its original comments filed with the agency, ACA argued that the commission must “consider this harm [higher consumer prices] in deciding whether allowing the transaction is in the public interest.”

ACA took issue with how Gray addressed higher retrans fees in its reply, where the station group contended the acquisition complies with the agency’s national audience cap limit.

“This is a red herring,” ACA said. Regardless of staying within the national cap, the transaction will lead to higher fees and consumer prices, ACA asserted.

ACA also rejected Gray’s contention that dealing with retransmission consent is more appropriate to a generalized docket or rulemaking, not station-specific assignment proceedings.

[Read:Gray,Raycom To Combine Creating Third Biggest Station Group]

Increasing consumer prices stemming from higher retrans fees “is not a ‘generalized’ question that the commission can address in its rule-making dockets: it is an adjudicative question about how the law applies to the specific facts of this transaction,” ACA said.

ACA also reiterated that an economic analysis by DISH of retrans fees as relates to the size of a station group is germane to the Gray acquisition of Raycom Media.

“DISH’s economic analysis is strong evidence that in the real world, ‘The larger the broadcast station group . . . the higher is the retransmission consent price paid by DISH,’” ACA said.

The full text of the ACA reply comments is available online.