Paramount closes WBD merger
October 6, 2026



After months of legal disputes and widespread criticism, Paramount has officially closed its acquisition of Warner Bros Discovery (WBD) in a $110 billion (€97.6bn) merger deal that is set to reshape the media landscape.

The merged company will be known as Skydance and brings together two major film studios, two global streaming services, a television portfolio including CBS, HBO, and Paramount’s and WBD’s cable networks, two of the industry’s most recognised news networks in CBS News and CNN, and a portfolio of live sports including CBS Sports and TNT Sports, as well as a programming library and expansive collection of brands and franchises.


The aim of the combined company is “to build the next-generation global media and entertainment company powered by creativity and technology”.

Skydance starts from a position of strength: arguably the most diverse film and television library of any studio, the largest theatrical output in the industry, 200+ million streaming subscribers across platforms, an iconic broadcast network, a significant sports portfolio, and a franchise portfolio spanning Top Gun and Harry Potter to White Lotus and SpongeBob SquarePants. From this foundation, Skydance says it is committed to delivering for the creative community and consumers, with at least 30 theatrical films annually, each with a minimum 45-day theatrical window, and already boasts 180+ TV shows. Across TV and streaming, Skydance assures that it will also continue to support the independent production sector by commissioning content from independent studios and licensing its own content to third parties, creating more opportunities and more jobs for creatives, both in front of and behind the camera.

David Ellison, Chairman and CEO of Skydance, commented: “Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”

Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, added: “This is a defining moment for the industry. By applying our owner-operator model to Paramount and WBD’s unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that’s undergoing transformational change. David, our Co-CEO Ynon Kreiz, and the rest of our world-class Skydance team have the vision and track record to lead through this change. We’re proud to back them as we build a stronger Hollywood, expand opportunities for talent, and create long-term value for our shareholders.”

More to follow…