Paramount has finalized the acquisition of Warner Bros. Discovery in a deal valued at $110 billion. The transaction results in the formation of a new entity named Skydance, which will be led by David Ellison. The merger combines major streaming services, including Paramount+ and HBO Max, alongside television networks such as CBS, CNN, MTV, TBS, Comedy Central, and Food Network.
The new corporation gains control over significant media franchises, including the DC Universe, Game of Thrones, The Lord of the Rings, and Yellowstone. Skydance is backed by the Ellison family, with Larry Ellison, co-founder of Oracle, serving as a key supporter. The company projects an annual revenue of nearly $70 billion following the consolidation.
The merger process concluded after resolving legal challenges involving a coalition of U.S. states and a writers union. Paramount previously outbid Netflix for the acquisition, agreeing to cover breakup fees and provide additional cash incentives to shareholders. Class B shares of the new Skydance entity began trading on the New York Stock Exchange under the ticker SKYD.
