Paramount completes $110bn Warner Bros Discovery takeover, creating Skydance
In short
Paramount closed its acquisition of Warner Bros Discovery on Tuesday, creating a combined company to be called Skydance. Forbes Middle East and The National put the deal at $110 billion, while Gulf News said roughly $111 billion including debt. David Ellison leads the company with former Mattel chief executive Ynon Kreiz as co-chief executive, after the deal drew antitrust suits from California, New York and 10 other states.
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Paramount completed its acquisition of Warner Bros Discovery on Tuesday, creating a combined company to be called Skydance, according to the three business outlets reporting the close. Forbes Middle East and The National put the deal at $110 billion; Gulf News described it as roughly $111 billion including debt, or about $81 billion in equity. Forbes Middle East said the completion ends a months-long saga during which the merger drew widespread opposition in Hollywood. [ 1 , 2 , 3 ]
The new company combines two of the five largest Hollywood film studios, holding franchises including Harry Potter and Mission: Impossible, DC superheroes and Top Gun, The National and Gulf News reported. It will be home to dozens of television networks, from CBS to TNT, along with CNN and the Discovery networks, and to two major subscription streaming services, Paramount+ and HBO Max, according to the two outlets. Gulf News said the company will trade on the New York Stock Exchange under the ticker SKYD. [ 2 , 3 ]
David Ellison, who completed the merger of his Skydance Media production company with Paramount in 2025, has become one of Hollywood’s biggest moguls, The National reported. He appointed Ynon Kreiz, formerly chief executive of Mattel, as co-chief executive to share oversight of Skydance; Kreiz manages day-to-day operations while Ellison maintains the creative vision and handles relationships with talent, according to The National and Gulf News. “Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement, The National reported. [ 2 , 3 ]
The path to closing was often rocky. The National reported a bruising battle for control with Netflix and antitrust lawsuits; Gulf News said California, New York and 10 other states sued to block the takeover, arguing it could reduce competition in film and television and harm workers and consumers. A federal judge approved a settlement, Gulf News reported, without stating its full terms. The National said Skydance must adhere to a strict calendar of theatrical releases as stipulated by the lawsuit settlement. [ 2 , 3 ]
Ellison now faces the challenge of making the combination work: eliminating overlapping businesses and jobs without fanning the ire of Hollywood, which is suffering through a downturn and has opposed the consolidation, and managing nearly $80 billion in debt, The National reported. “They’re starting off at a great place,” Michael Wolf, chief executive of management consulting firm Activate Strategy, told Bloomberg TV on Monday, according to The National. “The logic makes sense. Scale puts them in the right position.” Gulf News said the consolidation leaves Skydance competing on a vastly larger scale with Walt Disney, Comcast’s Universal, Sony and streaming services including Netflix. [ 2 , 3 ]
Why it matters
The close creates one of the world’s largest entertainment companies, combining two of the five largest Hollywood studios, major TV networks and two streaming services, and leaves it competing at greater scale with Disney, Universal, Sony and Netflix. The merged group carries nearly $80 billion in debt and must absorb overlapping businesses and jobs, a process Hollywood has opposed from the start.
Key facts
- Paramount completed its acquisition of Warner Bros Discovery on Tuesday, creating a company to be called Skydance. [ 1 , 2 , 3 ]
- Forbes Middle East and The National put the deal at $110 billion; Gulf News said about $111 billion including debt, or roughly $81 billion in equity. [ 1 , 2 , 3 ]
- David Ellison leads the company alongside Ynon Kreiz, the former chief executive of Mattel, who becomes co-chief executive handling day-to-day operations and integration. [ 2 , 3 ]
- The combined portfolio includes CBS, CNN, HBO, HBO Max, Paramount+ and Discovery networks, plus franchises including Harry Potter, DC superheroes, Mission: Impossible and Top Gun. [ 2 , 3 ]
- California, New York and 10 other states sued to block the takeover; a federal judge approved a settlement, Gulf News reported. [ 2 , 3 ]
- Skydance will need to manage nearly $80 billion in debt while following a strict calendar of theatrical releases set by the lawsuit settlement, The National reported. [ 2 ]
- The company will trade on the New York Stock Exchange under the ticker SKYD. [ 3 ]
Confirmed by several sources
- Paramount completed its acquisition of Warner Bros Discovery on Tuesday and the combined company will be called Skydance. [ 1 , 2 , 3 ]
- David Ellison will lead the company with Ynon Kreiz, formerly chief executive of Mattel, as co-chief executive responsible for day-to-day operations. [ 2 , 3 ]
- The combined company will hold major studios, television networks including CBS and CNN, and the streaming services Paramount+ and HBO Max. [ 2 , 3 ]
- The deal followed legal challenges, including a suit by California, New York and 10 other states to block it, and a settlement approved by a federal judge. [ 2 , 3 ]
- Ellison described the completion as a historic moment for the company and the entertainment industry. [ 2 , 3 ]
Still unclear
- The value of the transaction: $110 billion (Forbes Middle East, The National) or about $111 billion including debt and $81 billion in equity (Gulf News). The outlets state different figures and Gulf News does not reconcile them with the $110 billion cited by the other two.
- What the federal settlement allows and requires, beyond regulating the theatrical release schedule. Gulf News’s account of the settlement is cut off and the other documents do not describe its terms.
- How many jobs or businesses will be cut in the integration. The National says overlapping businesses and jobs must be eliminated but gives no figures; no document quantifies them.
- The closing time of the transaction on Tuesday. All three documents say only that it closed on Tuesday.
What local media are saying
Timeline, local time
- Forbes Middle East reports that Paramount completed its acquisition of Warner Bros Discovery on Tuesday, creating a media mega-player called Skydance after months of controversy. [ 1 ]
- The National reports the $110 billion close, the combination of two of the five largest Hollywood studios, Ellison’s appointment of Ynon Kreiz as co-chief executive, and the debt and release-schedule constraints. [ 2 ]
- Gulf News reports the transaction at about $111 billion including debt, the Skydance name and SKYD ticker on the New York Stock Exchange, and the suit by California, New York and 10 other states. [ 3 ]