The deal, finalized on October 6, saw Paramount acquire Warner Bros. Discovery for $110 billion. The newly formed entity, rebranded as Skydance, consolidates a vast portfolio of media assets. This includes streaming platforms Paramount+ and HBO Max, alongside cable networks such as CBS, CNN, MTV, TBS, Comedy Central, and Food Network.
The conglomerate now holds rights to major franchises, including The Lord of the Rings, Game of Thrones, the DC Universe, and Yellowstone. David Ellison, who previously merged Skydance Media with Paramount in 2025, serves as the head of the new organization. The Ellison family remains the largest shareholder in the company.
Paramount initiated the acquisition in February 2026, successfully outbidding Netflix, which had previously reached a preliminary agreement for parts of the Warner business. To secure the deal, Paramount increased its offer and covered the termination fees owed to Netflix. Legal hurdles were cleared following settlements with US states and the writers' union.
The combined entity reports an estimated annual revenue of nearly $70 billion. Class B shares of the company are now listed on the New York Stock Exchange under the ticker symbol SKYD. David Ellison stated that the merger aims to expand creative opportunities and provide long-term value for shareholders.
