Paramount CEO David Ellison made his first public appearance discussing his impending acquisition of Warner Bros. Discovery. He met with senior leadership (about 150 staffers) and dismissed reports of massive layoffs. The meeting was part of a larger effort to introduce Ellison to the team he will be acquiring in the $111 billion deal. Ellison's vision is that the combined companies will release at least 30 theatrical films per year from the combined studios. Despite this, many in the room were hoping for more information about the acquisition. The deal is not yet final, but Paramount expects to close by the third quarter of this year or face a "ticking fee" for every quarter that the deal hasn't closed.