Paramount has completed its $81 billion acquisition of Warner Bros Discovery, bringing two of Hollywood’s oldest film studios under one corporate umbrella and creating a major global media and entertainment company called Skydance Corporation.
The deal was formally closed on October 6, 2026, following regulatory approvals and the fulfilment of other closing conditions. Including Warner Bros Discovery’s debt, the transaction is valued at approximately $111 billion, making it one of the biggest mergers in the entertainment industry.
The merger brings together a vast portfolio of film studios, television networks, streaming platforms, sports properties and entertainment franchises. The combined company will have control over Paramount Pictures and Warner Bros Pictures, along with prominent brands and properties such as Harry Potter, Batman, Superman, Mission: Impossible, Top Gun, Star Trek and The Godfather.
The transaction also brings major streaming platforms, including Paramount+ and HBO Max, into the same corporate group. Its television and news assets include CBS, HBO and CNN, alongside a wide range of cable channels and entertainment networks. The consolidation gives Skydance a significantly expanded presence across film production, television broadcasting, streaming and digital entertainment.
The newly combined company will operate under the Skydance Corporation name, with David Ellison leading the business alongside co-chief executive Ynon Kreiz, the former chief executive of Mattel. The company’s shares began trading on the New York Stock Exchange under the ticker symbol SKYD following the completion of the transaction. Warner Bros Discovery shareholders received approximately $31.02 in cash for each eligible share, while its shares ceased trading on Nasdaq.
The acquisition follows an extended contest for control of Warner Bros Discovery, which attracted interest from major players in the entertainment sector, including Netflix. Ellison pursued the acquisition after taking control of Paramount through Skydance’s earlier deal in 2025. Paramount eventually secured the agreement after competing bids and negotiations over Warner Bros Discovery’s valuable film and television assets.
The acquisition marks a major change in Hollywood’s corporate landscape, bringing together established studios and globally recognised entertainment properties under a single company. Its impact will depend on how effectively Skydance combines the businesses, manages its financial commitments and adapts to changing audience preferences across cinema, television and streaming.
