Paramount Skydance completed its acquisition of Warner Bros. Discovery on 6 October 2026, paying US$31 a share in cash. The deal values WBD at about US$81bn in equity and roughly US$110bn including debt, and the combined company is now called Skydance.
Why Paramount Skydance (now Skydance Corp.) is buying Warner Bros. Discovery
The merger puts Paramount, Warner Bros., HBO, CBS, CNN, TNT Sports, Nickelodeon and other networks under one owner, giving the group the scale to compete with the largest streaming platforms. Management is targeting at least US$6bn of run-rate synergies within three years, and on 7 October said HBO Max and Paramount+ will be combined into one service over time.
Deal terms and financing
WBD shareholders received US$31.00 per share in cash. David Ellison is chairman and CEO of the combined company, with former Mattel chief Ynon Kreiz as co-CEO.
Regulatory approvals and timing
The last obstacle fell on 21 September, when 12 states and the Writers Guild of America settled lawsuits seeking to block the deal. Paramount committed to more US film production, a fund for displaced workers and monitoring of newsroom independence at CBS and CNN; critics, including California's attorney general, called the remedies too weak.
Market context
Paramount won WBD after a bidding contest with Netflix earlier in 2026. Kreiz's move to Skydance also left a leadership gap at Mattel, which drew takeover interest from Authentic Brands days before the close.
