Summary
- Paramount completed its acquisition of Warner Brothers Discovery and created the new Skydance.
- The group combines major film, television and streaming brands.
- Its platforms collectively reach more than 200 million streaming subscribers.
- The company is committing to at least 30 theatrical films per year.
Paramount has completed its acquisition of Warner Bros. Discovery, creating Skydance, a new entertainment giant bringing together some of the world’s most powerful film, television and streaming brands.
The transaction closed on October 6, 2026 after all required regulatory approvals and customary closing conditions were satisfied. Warner Bros. Discovery is now a wholly owned subsidiary of the new company, WBD shares have ceased trading on Nasdaq, and Skydance Class B shares began trading on the New York Stock Exchange under the ticker SKYD.
A new film and television giant
The combined group brings together two major film studios, two global streaming services and a vast portfolio of television, news and sports operations. Its brands include Paramount, Warner Bros., HBO, HBO Max, Paramount+, Pluto TV, CBS, CNN, Nickelodeon, Cartoon Network, MTV, BET, HGTV and Comedy Central.
Skydance says its platforms collectively reach more than 200 million streaming subscribers. The company is committing to at least 30 theatrical films per year with a minimum 45-day theatrical window, while its television portfolio already includes more than 180 shows and series.
What the deal means for creators
The scale of the new group is particularly significant for image-making and audiovisual production, combining major film and television studios, streaming platforms, news networks and sports production under one corporate structure. The company says it intends to expand opportunities for creative talent while investing in content, creators and technology.
Management is also targeting at least $6 billion in run-rate synergies within three years and more than $10 billion in free cash flow by 2030. The integration will therefore be judged not only by the size of the combined library but also by how it affects production, investment and creative teams in practice.
The new Skydance
The company is organized into three main segments: Studios, Direct-to-Consumer and TV Media. David Ellison remains Chairman and CEO, with Ynon Kreiz serving as Co-CEO, while the Ellison Family holds the largest equity stake.
What we think
For audiovisual production, the completion of the deal matters far beyond a change of ownership: it creates a company with enormous reach across cinema, television and streaming. For creators and crews, the key question will be whether promises of higher output and investment translate into real opportunities while the company simultaneously pursues major cost synergies.
Frequently asked questions
Has the acquisition actually closed?
Yes. The transaction closed on October 6, 2026 after the required regulatory and contractual conditions were satisfied.
What is the combined company called?
The combined company is called Skydance, with its Class B shares trading on the NYSE under the ticker SKYD.
Which major brands does it bring together?
They include Paramount, Warner Bros., HBO, HBO Max, Paramount+, CBS, CNN, Nickelodeon, Cartoon Network and MTV.
How many theatrical films does it plan to release?
Skydance is committing to at least 30 theatrical films annually, each with a minimum 45-day theatrical window.
