Entertainment

Paramount Warner Bros merger closes, creating $110 billion Hollywood giant Skydance

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Paramount Skydance completed its $110 billion takeover of Warner Bros. Discovery on Tuesday, 6 October 2026, closing the Paramount Warner Bros merger that brings two of Hollywood’s oldest studios under one roof. The combined company has been renamed Skydance and will be run by chief executive David Ellison with co-chief executive Ynon Kreiz, the former head of toymaker Mattel.

HBO, CNN, CBS and DC under one owner

The deal unites the Paramount+ and HBO Max streaming services, the news outlets CBS News and CNN, and cable channels such as Comedy Central, Nickelodeon, TBS and TNT. Skydance now owns Warner franchises including Harry Potter, Game of Thrones and DC alongside Paramount titles such as Mission: Impossible and Top Gun.

Warner Bros. Discovery shareholders will receive roughly $31 a share in cash. Casey Bloys, who has led HBO, becomes co-chair and chief content officer for streaming, while Mark Thompson stays on as chairman and editor-in-chief of CNN.

How the Paramount Warner Bros merger was cleared

The takeover went ahead after Paramount settled an antitrust lawsuit brought by a coalition of state attorneys general, led by California, and a separate suit by the Writers Guild of America. According to CBS News, Paramount pledged to produce 30 films in each of its first two years after the merger and agreed not to sell or close the Paramount or Warner Bros. studio lots in Los Angeles for at least five years. It will also set up a board to safeguard editorial independence at CNN and CBS.

$6 billion in savings targeted

Ellison called it “a historic day, not just for Skydance but for our entire industry.” In an email to staff, he and Kreiz warned that integrating the two companies would bring “difficult decisions that affect our workforce”, as the group targets $6 billion in cost savings. Analysts quoted by the BBC also flagged the company’s heavy debt at a time of high interest rates.

Warner Bros. has won more than 100 Academy Awards in its 103-year history, and Paramount, whose roots go back to 1912, has also passed the 100-Oscar mark.

Source: BBC News | CBS News

Photo: Chris Yarzab / Wikimedia Commons, CC BY 2.0 (resized)

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