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Skydance closes $81B takeover of Warner Bros. Discovery in landmark media merger
Paramount completed its acquisition of Warner Bros. Discovery on October 6: $81 billion in equity, nearly $110 billion including assumed debt. The combined company is renamed Skydance and will trade on the NYSE as SKYD.
Why it matters
This is one of the largest media mergers in US history: HBO Max and Paramount+ — two of the biggest streaming platforms — plus the CBS and CNN television networks now sit under one roof, reshaping Hollywood and the American news landscape.
Full report
Paramount announced on October 6 that it has completed its acquisition of Warner Bros. Discovery: $81 billion in equity, with the total deal value approaching $110 billion including assumed debt. The combined company is renamed Skydance and will list on the New York Stock Exchange under the ticker SKYD.
On leadership, David Ellison becomes chairman and CEO, with former Mattel chief Ynon Kreiz as co-CEO; Warner Bros. Discovery CEO David Zaslav departs.
The new company has pledged 30 theatrical releases in its first year and a $1.5 billion investment in US film and television production.
Background
The deal faced a long regulatory road: the US Department of Justice cleared it in June 2026, and in September 2026 the company reached an antitrust settlement with 12 state attorneys general, removing the final obstacle. The FCC had already approved Gulf funds' indirect stakes in the transaction in September.
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