Paramount closes Warner merger in historic Hollywood deal

Skydance, the new company formed through Paramount Skydance's acquisition of Warner Bros. Discovery, will now be home to dozens of TV networks, from CBS to TNT, and two major subscription streaming services — Paramount+ and HBO Max. | REUTERS

Oct 7, 2026

Paramount Skydance closed its $110 billion acquisition of Warner Bros. Discovery on Tuesday, completing one of the biggest media mergers of all time after engaging in a bruising battle for control with Netflix and fending off antitrust lawsuits.

The new company, which will be called Skydance, combines two of the five largest Hollywood film studios, uniting major franchises such as Harry Potter and Mission Impossible. It will now be home to dozens of TV networks, from CBS to TNT, and two major subscription streaming services, Paramount+ and HBO Max.

David Ellison, who only completed the merger of his Skydance Media film production company with Paramount in August 2025, has continued to consolidate power in the media industry and has become one of Hollywood’s biggest moguls. Still, he brought in Ynon Kreiz from Mattel to share oversight of Skydance as co-chief executive officer. Kreiz will manage day-to-day operations while Ellison maintains the creative, big-picture vision and handles relationships with talent.

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