Paramount Completes Historic $110 Billion Merger with Warner Bros, Forming Skydance Media

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Paramount has finalized its $110 billion acquisition of Warner Bros. Discovery, creating Skydance Media. The merged company now controls streaming giants Paramount+ and HBO Max, major cable networks, and iconic franchises like Lord of the Rings and Game of Thrones.

On October 6, 2026, Paramount announced the completion of its landmark acquisition of Warner Bros. Discovery for $110 billion, resulting in the formation of a new media conglomerate named Skydance. This merger ranks among the largest media deals in history and combines significant streaming platforms including Paramount+ and HBO Max under one corporate umbrella.

The newly formed Skydance also gained control over prominent cable networks such as CBS, CNN, MTV, TBS, Comedy Central, and Food Network. Beyond networks, the merger consolidated influential entertainment franchises in the company’s portfolio, notably The Lord of the Rings, Game of Thrones, the DC cinematic universe, and Yellowstone.

David Ellison, son of Oracle co-founder Larry Ellison, played a pivotal role in bringing this merger to fruition. After merging his own Skydance Media with Paramount in 2025, he now leads the expanded group, which is rapidly increasing its clout in Hollywood. The Ellison family is the largest shareholder in Skydance.

The path to this deal was complex. Paramount initially expressed intent to purchase Warner Bros. in February 2026 but had to outbid Netflix, which had previously secured an agreement to acquire Warner’s film and TV studios along with streaming assets, though excluding cable networks. Paramount raised its offer and agreed to cover Warner Bros.’ penalty payments owed to Netflix, overcoming legal barriers following settlements with a coalition of U.S. states and the Hollywood writers’ union.

Skydance’s combined annual revenue is estimated at nearly $70 billion. The conglomerate’s Class B shares debuted on the New York Stock Exchange under the ticker symbol SKYD. David Ellison hailed the occasion as a historic milestone for both Skydance and the broader entertainment industry, pledging to nurture a studio that empowers creators, entertains audiences, and delivers returns to shareholders.