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Paramount has Aquired Warner Bros. it’s Official
As of today, October 6, 2026, the deal has officially closed. Paramount Skydance has completed its acquisition of Warner Bros. Discovery, creating a massive combined entertainment company that will operate under the corporate name Skydance Corporation — or simply “Skydance.”
Paramount + Warner Bros. Discovery → Skydance
The numbers can be confusing because you’ll see both $81 billion and roughly $110–$111 billion reported. Paramount agreed to pay $31 per share in cash, valuing Warner Bros. Discovery’s equity at about $81 billion. When Warner’s debt and other obligations are included, the transaction’s enterprise value is roughly $110 billion, commonly reported as nearly $111 billion.
The merger creates one of the biggest entertainment companies in the world. Under the same corporate roof are now Paramount Pictures, Warner Bros. Pictures, CBS, HBO, CNN, CBS News, DC Studios, TNT Sports, CBS Sports, Paramount+, HBO Max, Discovery+ and Pluto TV, along with extensive cable television operations.
That means Skydance now controls an extraordinary collection of entertainment franchises and intellectual property, including Harry Potter, DC, Game of Thrones, Mission: Impossible, Top Gun, SpongeBob SquarePants and The Godfather, among many others.
The new company is called Skydance
The corporate name has officially changed from Paramount Skydance Corporation to Skydance Corporation. Its Class B shares also moved from Nasdaq to the New York Stock Exchange today, trading under the new ticker SKYD.
David Ellison remains chairman and CEO, while former Mattel chief Ynon Kreiz is co-CEO and is expected to focus heavily on operations and integrating the enormous collection of businesses.
Importantly, the Paramount and Warner Bros. names aren’t disappearing. They remain major studio and consumer-facing brands even though the parent corporation is now Skydance. Ellison has said the company intends to preserve the identities of the two studios.
What happens to Paramount+ and HBO Max?
This is one of the biggest questions following the merger. For now, Paramount+ and HBO Max remain separate streaming services, but Skydance says technology and streaming integration will be a major part of the combined company’s strategy. Reuters reports that the company ultimately plans to unify its streaming platforms.
The scale is significant because Skydance now has Paramount+, HBO Max, Discovery+ and Pluto TV within one organization, giving it a much larger streaming portfolio with which to compete against Netflix, Disney and other platforms.
Movies and TV
Skydance says the combined company plans to produce at least 30 theatrical movies per year and more than 180 television shows and series. It also expects at least $6 billion in annualized cost savings/synergies within three years, partly through technology integration, procurement, corporate efficiencies and consolidation of operations.
Reuters reports that the company plans at least 30 films annually during its first two years, eventually increasing output to 32.
Why the merger was controversial
This wasn’t an easy acquisition. The transaction faced antitrust challenges from 12 states, as well as opposition from the Writers Guild of America and concerns across Hollywood about industry consolidation, employment and the amount of control concentrated in one media company.
A federal judge recently approved a settlement that cleared the final major legal hurdle. Among the commitments associated with that settlement are increased U.S. film production, worker-support funding and provisions concerning editorial independence at CBS News and CNN.
