Paramount + Warner Bros. merge as Skydance
Original: Paramount and Warner Bros. Discovery to become Skydance
Why This Matters
A $110B merger reshaping Hollywood's studio and streaming power structure.
Paramount and Warner Bros. Discovery will operate under the name Skydance after their ~$110B merger closes Oct. 6, 2026, combining CBS, CNN, HBO Max, Paramount+, and major franchises.
David Ellison, CEO of Paramount and founder of film company Skydance, announced Friday that the combined entity formed by merging Paramount and Warner Bros. Discovery will carry the Skydance name. The deal, valued at roughly $110 billion, is set to close October 6. It brings together two of Hollywood's oldest studios along with streaming services Paramount+ and HBO Max, and cable networks including CBS, CNN, MTV, TBS, Comedy Central, and Food Network. The new company will also control major IP including 'The Lord of the Rings,' 'Game of Thrones,' the DC Universe, and 'Yellowstone.' The road to closing was rough: Netflix had previously agreed to acquire Warner Bros.' streaming and studio assets before the broader deal took shape, and twelve state attorneys general challenged the merger on competition grounds. A judge approved a settlement with those states this week, clearing the path forward. Ellison stressed that the Paramount and Warner Bros. brand names will stay prominent. 'We never wanted a new corporate identity to diminish, alter or overshadow either one,' he wrote on X, framing 'Skydance' as a unifying identity that lets both legacy studios 'remain in the spotlight.'