Paramount Chief Executive David Ellison said he would rename his combined company Skydance after acquiring Warner Bros. Discovery.

"Paramount and Warner Bros. shaped over a century of culture," Ellison said Friday on social media. "By combining them, we aren't rewriting history-we're equipping these iconic studios with a more powerful engine.

Ellison said Skydance will focus on "bold, quality storytelling."

A federal judge on Wednesday approved Paramount's settlement with 12 state attorneys general, paving the way for the $81-billion acquisition of Warner Bros. Discovery.