Paramount completes $110 billion Warner Bros Discovery takeover
The combined company, named Skydance, began trading on the New York Stock Exchange under SKYD and is expected to carry about $80 billion in debt.
Paramount closes $110 billion deal for Warner Bros. Discovery, creating Skydance
David Ellison controls the combined entertainment company, which says its annual revenue will be nearly $70 billion.
Paramount’s acquisition of Warner Bros. Discovery for $110 billion is complete, the company announced on October 6, 2026. The transaction creates an entertainment group named Skydance under David Ellison’s control.
Skydance says the combined business will generate nearly $70 billion in annual revenue. Its Class B stock is due to start trading October 6 with the ticker “SKYD” on the New York Stock Exchange.
The group brings HBO Max and Paramount+ into the same business. Its television networks include Food Network, TBS, MTV, CNN, Comedy Central and CBS. Franchise holdings will span the DC Universe, “Yellowstone,” “The Lord of the Rings” and “Game of Thrones.”
The deal’s main legal barriers were resolved through settlements with a Hollywood writers’ union and a coalition of U.S. states. Paramount announced its acquisition agreement in February following a contest with Netflix. Netflix’s earlier agreement included Warner Bros.’ movie and television studios and streaming business, but excluded the cable networks.
Paramount strengthened its bid with a commitment to additional shareholder payments if completion missed a specified deadline. It also promised to cover Warner Bros.’ breakup payment to Netflix.
Ellison had merged Skydance Media with Paramount in 2025. The Ellison family holds the largest stake in the new Skydance, with financial support from David’s father, Larry Ellison, the Oracle co-founder.