Paramount Completes $110B Warner Bros. Discovery Deal to Form Skydance

Paramount has completed its $110 billion acquisition of Warner Bros. Discovery, bringing two of Hollywood’s largest entertainment businesses together under a new combined company called Skydance. The transaction places major film studios, streaming services, television networks and entertainment franchises under the control of David Ellison.

Paramount announced the completion of the acquisition Tuesday, saying the combined company will generate nearly $70 billion in annual revenue. Skydance Class B shares will begin trading on the New York Stock Exchange under the ticker symbol SKYD.

Paramount and Warner Bros. assets move under Skydance

The merger combines Paramount+ and HBO Max while bringing television networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network into the same corporate group. Skydance also gains control of major entertainment properties including the DC Universe, Game of Thrones, The Lord of the Rings and Yellowstone.

The deal significantly expands Ellison’s position in the entertainment industry. He completed the combination of Skydance Media and Paramount last year, and the Warner Bros. Discovery acquisition now adds another large collection of studios, networks and streaming businesses to the company.

The Ellison family remains Skydance’s largest shareholder. David Ellison is the son of Oracle co-founder Larry Ellison, whose wealth has helped support the family’s investments in the media business.

Deal followed bidding battle and legal challenges

Paramount agreed in February to acquire Warner Bros. Discovery after a bidding contest with Netflix. Netflix had previously agreed to buy Warner Bros.’ film and television studios and streaming operations while leaving the cable networks outside that transaction.

Paramount strengthened its competing offer by promising Warner Bros. Discovery shareholders additional cash if the transaction failed to close by a specified deadline. It also agreed to cover the breakup fee Warner Bros. Discovery would owe Netflix for ending the earlier agreement.

The transaction later faced legal opposition, including challenges from a coalition of U.S. states and a Hollywood writers’ union. Settlements resolving those disputes removed the main legal obstacles to completing the acquisition.

Ellison takes control of the combined media group

Ellison called the closing a historic moment for Skydance and the broader entertainment industry. He said the company’s goal is to combine the resources and reach of the two businesses while supporting creative work across film, television and streaming.

With the acquisition now complete, Skydance controls a portfolio spanning theatrical studios, streaming platforms, broadcast television, cable networks and major global entertainment franchises. The closing ends a prolonged acquisition process and formally begins operations for the combined company under the Skydance name.