Paramount and Warner Bros. Discovery to merge as Skydance on October 6
In short
Paramount CEO David Ellison announced on X that the merged Paramount and Warner Bros. Discovery company will be called Skydance. TechCrunch put the deal at roughly $110 billion and CNET at $111 billion, with a close expected on October 6, bringing Paramount+ and HBO Max and networks including CBS and CNN under one company. A consent decree settled antitrust claims by 12 state attorneys general; CNET reported it is unclear how streaming content or employees will be affected.
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Paramount CEO David Ellison announced on X on Friday that the company formed by merging Paramount and Warner Bros. Discovery will be named Skydance, according to 9to5Mac, TechCrunch and CNET. Ellison said the new name gives the combined company “an identity of its own” while allowing both studios to “remain in the spotlight.” TechCrunch reported that Skydance is the name of Ellison's original film production company. [ 1 , 2 , 3 ]
TechCrunch reported the deal is worth roughly $110 billion and is expected to close on October 6, while CNET put the figure at $111 billion. 9to5Mac also reported the merger is set for Tuesday, October 6. TechCrunch said the combined company will bring together two major Hollywood studios, the Paramount+ and HBO Max streaming services, and networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network, along with franchises such as “The Lord of the Rings,” “Game of Thrones,” the DC Universe and “Yellowstone.” [ 1 , 2 , 3 ]
The merger followed a drawn-out corporate battle, TechCrunch reported. Netflix had agreed to acquire Warner Bros.' streaming and studio businesses before the broader Paramount deal moved forward. CNET reported that 12 state attorneys general sued in July over concerns the merger would concentrate too much control over news networks, cable TV and the film industry. TechCrunch reported a judge approved a settlement with the state attorneys general this week, while CNET reported the consent decree cleared the last legal opposition and that the path was open to finalize the merger on September 21. [ 2 , 3 ]
9to5Mac reported that Skydance will function as a holding company, similar to Alphabet, with the public-facing brands remaining Paramount and Warner Bros. Ellison said the company never wanted a new corporate identity to “diminish, alter or overshadow” either brand. Earlier this year, Ellison said the two streaming services would be combined into one with about 200 million subscribers given existing totals, and that HBO “should stay HBO,” 9to5Mac reported, citing CNBC. No details on pricing or the name of a combined service were offered. [ 1 , 2 ]
CNET reported it is unclear how streaming content from Warner Bros., HBO and Paramount will change for viewers. The merger will affect employees at the company, CNET reported, adding that much of the legal opposition concerned their fate and that the consent decree attempted to safeguard employment, film production and distribution and consumer pricing. CNET cited a Harvard Business Review estimate that up to 30% of workers get laid off in mergers where there is significant business overlap. [ 3 ]
Why it matters
The merger would create one of the largest media companies, combining two Hollywood studios, the Paramount+ and HBO Max streaming services and networks including CBS, CNN and MTV. CNET reported that the legal opposition focused on concentration of control over news networks, cable TV and the film industry, and that the consent decree sought protections on employment, film production and distribution and consumer pricing.
Key facts
- Paramount CEO David Ellison announced on X that the company formed by merging Paramount and Warner Bros. Discovery will be named Skydance. [ 1 , 2 , 3 ]
- The merger is expected to close on October 6; TechCrunch reported the deal is worth roughly $110 billion, while CNET put it at $111 billion. [ 1 , 2 , 3 ]
- The combined company will bring together Paramount+ and HBO Max and networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network. [ 2 ]
- Twelve state attorneys general sued in July over concerns the merger would concentrate too much control over news networks, cable TV and the film industry, and the antitrust claims were settled through a consent decree. [ 2 , 3 ]
- Netflix had agreed to acquire Warner Bros.' streaming and studio businesses before the broader Paramount deal moved forward. [ 2 , 3 ]
- Ellison said Paramount and Warner Bros. will remain central brands, and he has said HBO “should stay HBO.” [ 1 , 2 ]
- Ellison said earlier this year that the two streaming services would be combined into one with about 200 million subscribers, but no details on pricing or a name were offered. [ 1 ]
- CNET reported it is unclear how streaming content will change for viewers and that the merger will affect employees, with the consent decree attempting to safeguard employment, film production and distribution and consumer pricing. [ 3 ]
Confirmed by several sources
- David Ellison announced on X that the merged company will be named Skydance, and Skydance is the name of his original film production company. [ 1 , 2 , 3 ]
- The merger is expected to close on October 6 and will combine Paramount+ and HBO Max. [ 1 , 2 ]
- Netflix had agreed to acquire Warner Bros.' streaming and studio businesses before the broader Paramount deal moved forward. [ 2 , 3 ]
- Twelve state attorneys general challenged the deal and a settlement or consent decree cleared that opposition. [ 2 , 3 ]
Still unclear
- The value of the deal: TechCrunch reported roughly $110 billion, while CNET reported $111 billion. The two outlets give different figures for the same transaction.
- The date the merger is finalized: 9to5Mac and TechCrunch said it is expected to close on October 6, while CNET said the path was open to finalize the merger on September 21. The documents differ on the timing, and it is not clear whether CNET's September 21 date refers to clearing legal hurdles rather than the closing.
- What a combined streaming service would be called and how it would be priced. 9to5Mac reported that Ellison has not offered details, and the announcement concerned only the holding company name.
- How streaming content and employees will be affected. CNET stated that it is unclear how content will change, and the documents give no confirmed figures on job losses.
What local media are saying
Timeline, local time
- 9to5Mac reported that Paramount Skydance will complete its acquisition of Warner Bros. next week and that CEO David Ellison revealed “Skydance” as the new company name. [ 1 ]
- TechCrunch reported the roughly $110 billion deal is expected to close on October 6 and will combine Paramount+ and HBO Max and networks including CBS, CNN and MTV. [ 2 ]
- CNET reported that a consent decree settled antitrust claims by 12 state attorneys general and cleared the last legal opposition to the merger. [ 3 ]