Paramount has completed its $81 billion acquisition of Warner Bros. Discovery, forming a new Hollywood entity named Skydance. The companies announced the finalisation of the deal on Tuesday, 6 October 2026.
This consolidation unites two of America's oldest moviemaking studios. Under the new arrangement, properties including HBO Max, 'Harry Potter' titles, and CNN will be housed alongside Paramount+, CBS, and films such as 'Top Gun'.
David Ellison, CEO of Skydance, will lead the company with co-CEO Ynon Kreiz. Ellison stated that "Today is a historic day, not just for Skydance but for our entire industry." The deal, which includes billions of dollars in existing debt, has a total value of nearly $111 billion.
The acquisition process followed a year-long struggle. Ellison's Skydance, which bought Paramount for $8 billion last year, launched a hostile counterbid for Warner after it initially reached an agreement with Netflix in December.