Paramount Skydance has officially completed its $110 billion acquisition of Warner Bros. Discovery, bringing together two of Hollywood’s biggest entertainment companies and creating a new media powerhouse called Skydance.
The deal, finalized on Tuesday, October 6, ends months of negotiations, legal challenges and regulatory scrutiny. The combined company now controls major film studios, streaming platforms, television networks and some of the world’s best-known entertainment franchises.
The new Skydance portfolio includes Paramount Pictures and Warner Bros., as well as Paramount+, HBO Max, CBS, CNN, HBO and numerous cable networks. Its entertainment library includes franchises such as Harry Potter, Batman, Superman, Game of Thrones, Mission: Impossible, Star Trek and SpongeBob SquarePants.
David Ellison to Lead the New Company
David Ellison, the technology entrepreneur who led the transaction, will serve as chairman and CEO of Skydance. Former Mattel CEO Ynon Kreiz will serve as co-CEO, focusing on operations and integration.
The company is targeting at least $6 billion in annual cost savings within three years and plans to produce a minimum of 30 theatrical films per year, along with more than 180 television shows and series.
However, the merger also leaves the new company carrying significant debt, creating pressure to deliver growth and savings in an increasingly competitive entertainment market dominated by streaming services such as Netflix, Disney and YouTube.
The transaction faced legal opposition from a coalition of 12 U.S. states and the Writers Guild of America, but those disputes were settled, clearing the way for the closing. Paramount also agreed to measures related to domestic film production and editorial independence at CBS News and CNN.
Warner Bros. Discovery shareholders received approximately $31.02 in cash per share, and WBD shares ceased trading on Nasdaq. The newly combined company began trading on the New York Stock Exchange under the ticker SKYD.
The merger represents one of the biggest transformations in Hollywood in years, putting an enormous collection of movies, television networks, streaming platforms, news organizations and entertainment franchises under one corporate umbrella.
