Paramount completes Warner Bros. Discovery acquisition, forms Skydance

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Paramount acquires Warner, forms Skydance

Highlights

Paramount completed its $110 billion acquisition of Warner Bros. Discovery, merging assets including Paramount+, HBO Max, CBS, CNN, and more under the Skydance entity.
Legal settlements with U.S. states and a Hollywood writers’ union removed key regulatory and labor obstacles, enabling the merger to proceed without further delay.
Skydance Class B shares debut on the New York Stock Exchange today under 'SKYD', offering investors access to an integrated $70 billion-revenue entertainment conglomerate.

Merger completion and combined assets

As reported by TechCrunch, Paramount says it has completed its $110 billion acquisition of Warner Bros. Discovery, finalizing one of the largest mergers on record in the entertainment industry.

The deal combines Paramount+ and HBO Max in the same corporate structure, alongside television networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network. Skydance also takes control of major entertainment properties such as “The Lord of the Rings,” “Game of Thrones,” the DC Universe and “Yellowstone.”

Paramount announced in February that it would acquire Warner Bros. after a bidding battle with Netflix. Paramount had strengthened its offer by promising shareholders additional cash if the transaction failed to close by a specified deadline and by agreeing to cover the breakup fee Warner Bros. would owe Netflix for terminating its earlier agreement.

David Ellison calls the closing a historic day for Skydance and the wider industry, saying the aim is to build a stronger competitor with the talent, resources and scale to serve audiences across platforms. The company says the new combined Skydance corporation will generate nearly $70 billion in annual revenue.

Legal clearance and market implications

The completion follows settlements with a coalition of U.S. states and a Hollywood writers’ union, clearing the main legal obstacles that had faced the merger. That resolution allows the combined group to move forward after regulatory and labor-related challenges threatened to delay the transaction.

The merger further expands David Ellison’s influence in Hollywood after his Skydance Media combination with Paramount last year. The Ellison family remains Skydance’s largest shareholder, supported by the wealth of Larry Ellison, David Ellison’s father and Oracle co-founder.

Skydance Class B shares begin trading on the New York Stock Exchange today under the ticker symbol “SKYD.” The listing gives investors immediate exposure to a newly enlarged studio and streaming company with broad reach across film, television and direct-to-consumer media.

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