Paramount has finalized its $110 billion acquisition of Warner Bros. Discovery, creating a combined media company named Skydance. The transaction closed on October 6, 2026, after clearing regulatory hurdles and settling an antitrust lawsuit filed by 12 states.
David Ellison, who spearheaded the deal, will serve as the new company’s chairman and CEO. Former Mattel CEO Ynon Kreiz has been appointed co-CEO.
The merger brings Paramount and Warner Bros.’ film and television studios under one corporate umbrella, along with Paramount+ and HBO Max. The combined portfolio also includes CBS, CNN, HBO, MTV and Comedy Central.
Warner Bros. Discovery shares have ceased trading, and shareholders received a cash payout for their stock.