Skydance will be name of combined Paramount-Warner Bros. Discovery

Zoom in: "These brands are more than a destination. They are the launch pad," a video posted by Ellison said, explaining the name change.

• "They don't just live on screens. They move through culture. Each one distinct, built on story, driven by technology," it said.

• "And yet, connected by something deeper, a new center of gravity, a constellation, a shared vision to go beyond. Look up. What once was the peak is now just the beginning."

What they're saying: Ellison said the name gives "the combined company an identity of its own while allowing Paramount and Warner Bros. — and all our extraordinary brands — to remain in the spotlight."

• The combined company's stock ticker will be "SKYD," according to a filing with the Securities and Exchange Commission.
• Skydance was the name of Ellison's production company founded two decades ago.

Catch up quick: Earlier this week, a judge approved Paramount's settlement with 12 state attorneys general who had sued to block the merger, clearing the path for the deal to close.

• Shortly after that decision, Ellison announced longtime Mattel CEO Ynon Kreiz would become co-CEO of the combined company after the merger closes.
• Kreiz is expected to handle the day-to-day operations while Ellison focuses on strategy.

What's next: Paramount and WBD have said they expect their merger to close on Oct. 6.