Paramount Skydance has completed its acquisition of Warner Bros. Discovery, closing one of the largest media transactions in Hollywood history and creating a combined company that will operate under the Skydance name.
The transaction brings Paramount Pictures and Warner Bros. Pictures into the same corporate group while also combining streaming services Paramount+ and HBO Max, television assets including CBS and HBO, and news operations CBS News and CNN.
A vast entertainment portfolio moves under one roof
The new Skydance controls franchises and libraries spanning Harry Potter, DC, Mission: Impossible, Star Trek, Game of Thrones and numerous television and film properties. The company said the combined business will target at least 30 theatrical releases a year and more than 180 television shows and series.
David Ellison remains chairman and chief executive, while former Mattel chief Ynon Kreiz joins as co-CEO. Skydance has also announced a wider board that includes Laurene Powell Jobs and former Activision chief Bobby Kotick.
Integration now becomes the central challenge
The deal closes after regulatory, legal and labor scrutiny. Skydance has outlined plans to find billions of dollars in savings while integrating two large studio systems, streaming platforms and cable networks. The company also faces pressure to preserve editorial independence at CNN and CBS News after the transaction attracted political attention.
For the broader entertainment industry, the merger significantly reduces the number of large standalone Hollywood groups. It also creates a company with the scale to compete more directly with Disney, Netflix and other global streaming and media businesses.
Skydance’s shares now trade on the New York Stock Exchange under the ticker SKYD.
Sources
- Skydance corporate announcement, Oct. 6, 2026
- Reuters, Oct. 6, 2026
- Associated Press, Oct. 6, 2026
