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Paramount completed its acquisition of Warner Bros. Discovery on Tuesday for approximately $81 billion (€72 billion), with an additional $111 billion when including Warner Bros.' debts. The new company, named Skydance Corporation, is headed by David Ellison and will combine Paramount Pictures, Warner Bros. Pictures, CBS News, CNN, HBO, and CBS television brands. Ellison plans to merge the streaming services Paramount+ and HBO Max. The deal faced antitrust challenges but was ultimately approved by a federal judge in California just days before closing.
Written locally by qwen2.5:14b on 2026-10-06,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
David Ellison's Skydance Media, backed by his billionaire father Larry Ellison and Middle Eastern investors, completed its $81 billion takeover of Warner Bros. Discovery on Tuesday, forming a new conglomerate named Skydance Corporation. The merger faced months of public protests and legal challenges from 12 U.S. states and the Writers Guild of America but ultimately secured approval after Ellison promised to protect CNN's editorial independence and invest $1.5 billion in domestic film production over five years. The deal combines two legendary studios, Paramount Pictures and Warner Bros. Pictures, along with streaming services HBO Max and Paramount+, news networks like CNN and CBS News, and numerous iconic movie franchises such as Harry Potter and Mission: Impossible. Ellison will lead the new company alongside co-CEO Ynon Kreiz, consolidating power in an industry already dominated by a few major players.
Written for “Hollywood Mega Merger” on 2026-10-06,
grounded in this article and the 9 other(s) covering the same event.
Paramount on Tuesday finalized its takeover of Warner Bros. Discovery, completing a hostile acquisition that was months in the making and almost faltered at several hurdles.
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that → finalize → hurdles
The takeover cost a total of around $81 billion (roughly €72 billion), or almost $111 billion including the Warner Bros. debts passed on as part of the deal.
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takeover → cost → deal
The merger brings together two of the oldest US filmmaking studios and will form a new giant called Skydance Corporation.
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merger → bring → giant
The new name Skydance hails from billionaire investor David Ellison, who first bought out Paramount and its subsidiaries and then moved on to target the much larger fish that is Warner Bros.
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that → hail → fish
The bid faced stiff competition in a bidding war with Netflix, and later scrutiny from US regulators and politicians, but ultimately went through.
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bid → face → regulators
"Today is a historic day, not just for Skydance but for our entire industry," said Ellison, whose family has ties to US President Donald Trump.
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family → say → Trump
Skydance shares began trading on the New York Stock Exchange on Tuesday under the ticker SKYD, while Warner Bros. Discovery shareholders will receive about $31 per share.
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shareholders → begin → share
The deal closed less than a week after a federal judge in California approved a settlement between Paramount and 12 US states that had sued to block the transaction on antitrust grounds.
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that → close → grounds
, the deal also brings together the CBS News and CNN news networks, and the HBO and CBS television brands.
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deal → bring → networks
Ellison says he plans to merge the subscription streaming platforms Paramount+ and HBO Max.
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he → say → platforms
Ellison will serve as chairman and CEO of the new company.
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Ellison → serve → company
Former Mattel boss Ynon Kreiz is operating as co-CEO in charge of day-to-day operations.
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Kreiz → operate → operations
Skydance Corp. looks set to have a total revenue in the region of $70 billion, based on the performance to date of its component parts.
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Corp. → look → parts
It says it's targeting cost savings of around $6 billion within three years as it takes advantage of overlaps created by the merger.
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it → say → merger
Edited by: Sean Sinico
If you rely on our team for trusted reporting, please take a moment to select us as your Preferred Source on Google, so you'll always see our verified news first.
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you → edit → news
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