Paramount finalized its $111 billion acquisition of Warner Bros. Discovery. The deal closed on October 6, 2026, creating a new media conglomerate named Skydance.
The combined company includes Paramount Pictures, Warner Bros. Pictures, CBS, CNN, HBO Max and Paramount+.
The merger followed a bidding war with Netflix and faced significant regulatory hurdles. Twelve states sued, citing concerns about reduced competition.
Led by CEO David Ellison, Skydance aims to compete more strongly with rivals such as Netflix and Disney. Under a settlement, the company committed to releasing a minimum number of films each year and maintaining independent editorial boards for its news divisions.