LOS ANGELES — A $111 billion merger combining Paramount and Warner Bros. Discovery began operating Tuesday under the name Skydance, placing two major Hollywood studios, streaming services and prominent news organizations under one corporate umbrella. David Ellison, whose father is billionaire Larry Ellison, is taking over as chief executive. The company also named former Mattel chief Ynon Kreiz as co-CEO. The new conglomerate includes Paramount Pictures and Warner Bros. Pictures, as well as Paramount+ and HBO Max, cable brands including MTV and Comedy Central, and the news organizations CNN and CBS News. The deal gives Skydance a library of about 15,000 films, including the Harry Potter, DC, Mission: Impossible, Top Gun and Godfather franchises. Ellison has described the merger as pro-competitive and good for consumers and the creative economy. But the scale of the combination has drawn sustained opposition from people in the entertainment and news industries. The Writers Guild of America and attorneys general from 12 states tried unsuccessfully to block the deal. It also faced public protests and regulatory scrutiny in the United States and Europe before closing. As part of a settlement with the states, Ellison agreed that the combined studios would produce 30 films annually for the next few years. Warner Bros. Pictures leaders Michael De Luca and Pamela Abdy are leaving, while workers across the newly combined company face uncertainty about their jobs and the effects of consolidation. Media advocates have also raised concerns about the future independence of CNN and CBS News. David and Larry Ellison have been described as allies of President Donald Trump. Under a commitment made to resolve an antitrust lawsuit, Skydance will establish an independent oversight board intended to protect CNN from political interference. The company says CNN chief Mark Thompson will remain in his role, and Bari Weiss will continue to lead CBS News. Jessica Gonzalez, co-CEO of the nonprofit media advocacy group Free Press, said her organization was concerned the Ellisons could use their influence to affect CNN’s coverage. She said the family had shown a willingness to censor news or remove stories they or the president disliked. Those are concerns raised by opponents of the merger; Skydance has characterized the deal as beneficial to competition and consumers. Opponents also warn the combined company could mean higher streaming prices, fewer choices, less investment in riskier programming and layoffs. Skydance enters its new phase carrying substantial debt, adding pressure to deliver returns from a business spanning studios, subscription platforms and news outlets. The merger puts decisions about a large share of American film, television and news in the hands of one corporate group. Its impact will be measured not only in the titles it produces and distributes, but also in how it treats employees and safeguards editorial independence at CNN and CBS News.