Paramount Skydance Closes $111B Warner Bros Takeover

Paramount Skydance on October 6, 2026 completed its $111 billion acquisition of Warner Bros. Discovery, creating a new global entertainment giant named Skydance. The Paramount Skydance Warner Bros takeover, valued at roughly €98 billion, unites two major film studios, two streaming services, and leading news networks under one roof.

Background: The $111 Billion Deal

The transaction concluded more than a year after Paramount Skydance first bid for Warner Bros. Discovery, which had already accepted an offer from Netflix. The ensuing Warner Bros Netflix bidding war ended when Netflix withdrew, clearing the path for Paramount. On April 23, 2026, shareholders approved the offer, and regulators cleared the deal across nearly 70 jurisdictions. WBD shareholders received $31.0167 per share in cash; Warner Bros. Discovery shares stopped trading on Nasdaq, while Skydance Class B shares began trading on the NYSE under the symbol SKYD.

What the Combined Skydance Portfolio Includes

The new Skydance brings together Paramount's MTV, Nickelodeon, Comedy Central, and the Paramount Pictures studio—known for Titanic, Gladiator, Transformers, Mission: Impossible, and Star Trek—with Warner Bros.' CNN, HBO, Discovery Channel, Cartoon Network, Eurosport, and film franchises such as Harry Potter, The Lord of the Rings, and The Matrix. The company also owns streaming services Paramount+ and HBO Max, plus a stake in SkyShowtime, and reports more than 200 million streaming subscribers.

Key Assets at a Glance

• Film studios: Paramount Pictures and Warner Bros.
• News: CBS News and CNN
• Cable networks: MTV, Nickelodeon, Discovery, Cartoon Network, TNT, TBS
• Streaming: Paramount+, HBO Max, SkyShowtime
• Sports: CBS Sports, TNT Sports

Regulatory Hurdles and Editorial Independence

In July 2026, twelve U.S. states led by California sued to block the takeover, warning it could raise prices for TV and film consumers. Paramount settled in late September, pledging to spend an additional $300 million annually on U.S. film productions and release at least 30 films in American theaters each year. A separate committee will now oversee the editorial independence of CBS News and CNN. The CNN editorial independence committee is meant to address concerns about political pressure, especially because Paramount CEO David Ellison's father, Larry Ellison, has close ties to President Trump, who has repeatedly criticized CNN and revoked its press credentials last month before a judge restored them.

Impact on Jobs, Streaming and the Industry

Skydance targets more than $6 billion in run-rate synergies within three years, nearly $70 billion in revenue, and $10 billion in free cash flow by 2030. But the merger also leaves Skydance with about $80 billion in debt. On the first day, the Skydance logo appeared on screens at CNN's New York headquarters, and a memo warned of possible cost savings. The merger of two companies brings changes, including difficult decisions that affect our staff. We are determined to handle this process carefully and respectfully, wrote David Ellison and Larry Ellison. The media consolidation job cuts are expected to hit overlapping corporate and programming roles.

Frequently Asked Questions

What is the Paramount Skydance Warner Bros deal?

It is a completed $111 billion acquisition in which Paramount Skydance bought Warner Bros. Discovery, forming a new company called Skydance that combines studios, cable networks, streaming services, and news operations.

How much did Warner Bros. Discovery shareholders receive?

Shareholders received $31.0167 per share in cash, and WBD shares ceased trading on Nasdaq on October 6, 2026.

Who leads the new Skydance company?

David Ellison serves as chairman and CEO, with Ynon Kreiz as co-CEO. Larry Ellison, David's father, is a major financial backer.

Will CNN and CBS News remain independent?

A new oversight committee is being established to protect the editorial independence of CBS News and CNN, following settlements with U.S. states and the Writers Guild of America.

What does the merger mean for streaming?

Skydance now controls Paramount+ and HBO Max with more than 200 million subscribers and plans to target over $6 billion in cost savings within three years.