Archive · 7 Oct 2026
Paramount Completes Warner Bros. Deal, Creating Skydance Entertainment Giant
Paramount has finished buying Warner Bros.
Discovery in a deal worth about $110 billion.
The new company is called Skydance.
It now includes two big movie studios, TV channels, news networks and streaming services.
David Ellison will lead the company, and Ynon Kreiz will help run its daily work and bring the businesses together.
The company plans to combine Paramount+ and HBO Max into one streaming service.
It has also promised to make at least 30 movies each year for two years, and 32 each year for the next three years.
Skydance hopes to save about $6 billion, but workers are worried that some jobs could be lost.
The company also has about $80 billion in expected debt, so it will need to manage its costs and earn enough money.
Paramount Skydance completed its roughly $110 billion acquisition of Warner Bros. Discovery on October 6, 2026, forming a combined company called Skydance.
The company brings together Paramount and Warner Bros. studios, streaming services including Paramount+ and HBO Max, and networks such as CBS and CNN.
David Ellison is chairman and CEO, while co-CEO Ynon Kreiz will lead day-to-day operations and integration.
Skydance plans to combine Paramount+ and HBO Max and has committed to at least 30 films annually for two years, then 32 annually for three years under its settlement.
The combined company is expected to carry about $80 billion in debt and target $6 billion in cost savings, prompting concerns about jobs, competition and news independence.
- Who
- Paramount Skydance and Warner Bros. Discovery; David Ellison and Ynon Kreiz will lead the combined company.
- What
- Paramount Skydance completed its acquisition of Warner Bros. Discovery, creating a company operating under the Skydance name.
- When
- October 6, 2026.
- Where
- The combined company's shares began trading on the New York Stock Exchange under the ticker SKYD.
- Why
- David Ellison said the goal was to combine the studios' talent, resources and reach to compete and tell stories across platforms.
Supporters' case
Concerns and challenges
Scale and competition
Supporters' case
David Ellison said combining the studios would create a stronger competitor with the resources and reach to serve audiences across platforms.
Concerns and challenges
Critics and legal challengers argued that the merger could concentrate power in Hollywood and reduce competition.
Cost savings and jobs
Supporters' case
Paramount says a significant portion of the planned $6 billion in savings will come from non-labor areas such as technology and cloud services.
Concerns and challenges
Workers and industry groups are concerned the cuts could lead to job losses; one cited estimate projected about 4,500 direct film and television jobs could be eliminated.
News independence
Supporters' case
The settlement establishes an editorial independence board, and CNN chief Mark Thompson and CBS News editor-in-chief Bari Weiss are expected to remain in their roles.
Concerns and challenges
Putting CNN and CBS News under one owner has prompted concerns about editorial independence, and press-freedom advocates have not all been satisfied by the safeguards.
- Deal value
- About $110 billion, including debt.
- New company name
- Skydance.
- Stock listing
- New York Stock Exchange; ticker SKYD.
- Leadership
- David Ellison is chairman and CEO; Ynon Kreiz is co-CEO overseeing operations and integration.
- Planned savings
- About $6 billion; Paramount said a significant portion would come from non-labor sources, including combining streaming technology and cloud providers.
- Expected debt
- About $80 billion.
- Theatrical film commitment
- At least 30 films yearly for the first two years and 32 yearly for the following three years under the settlement.
- Shareholder ticking fee
- Warner Bros. Discovery shareholders received an additional $41.9 million, according to a regulatory filing.
Sources
Explained: The year-long fight that ended with Paramount swallowing Warner Bros. and creating Skydance
Paramount wraps up mega Warner Bros merger to create Hollywood powerhouse Skydance
Paramount completes $110 billion Warner Bros Discovery takeover; here's what changes now
Paramount-Warner Bros merger: What Skydance’s $110 billion deal means for Hollywood
