Paramount has completed its acquisition of Warner Bros. Discovery, creating a new global entertainment company called Skydance. The transaction closed on October 6, 2026, bringing major film studios, streaming services, television networks, news outlets and sports businesses under one company.
Skydance Corporation announced the completion of the deal on Tuesday, saying all required regulatory approvals and other closing conditions had been met. Skydance Class B shares also began trading on the New York Stock Exchange under the ticker SKYD, while Warner Bros. Discovery shares stopped trading on Nasdaq.
The combined company is led by David Ellison, who serves as Chairman and CEO, and Ynon Kreiz, who serves as Co-CEO.
The new Skydance brings together the entertainment businesses of Paramount and Warner Bros. Discovery. Its portfolio includes Paramount Pictures, Warner Bros. Pictures, CBS, HBO, Paramount+, HBO Max, CBS News and CNN, along with cable networks, sports properties and large film and television libraries.
The combination also puts major franchises under the same corporate ownership, including Top Gun, Harry Potter, The White Lotus and SpongeBob SquarePants.
Streaming is expected to become a major part of the company's next phase. Skydance said its direct-to-consumer streaming products will unify into a single service over time, bringing its streaming offerings together on one platform.
The company also said it plans to produce at least 30 theatrical films each year, with each film receiving a minimum 45-day theatrical window. Skydance said the combined business already has more than 180 television shows and series.
David Ellison described the closing as a historic moment for Skydance and the entertainment industry. He said the company's focus will now turn to building a business with the talent, resources and global reach to produce entertainment across different genres and platforms.
The deal also comes with a major cost-saving target. Skydance said it is targeting more than $6 billion in run-rate synergies over the next three years, with savings expected to come mainly from technology, integration, procurement, marketing and real estate.
Skydance said the combined company will serve audiences in more than 200 countries and territories and expects to use its larger content library, streaming reach, sports rights and technology to compete in the changing global media market.
The completion of the acquisition marks a major change in Hollywood, with Paramount and Warner Bros. Discovery's major entertainment and media businesses now operating under the new Skydance corporate structure.
