Warner Bros. Discovery

Media · Entertainment · Streaming

Acquisition

Paramount Skydance completes $110B Warner Bros. Discovery takeover

The merger ends a yearlong bidding war with Netflix and puts most of Hollywood's legacy film, TV and news assets under one roof.

• Paramount Skydance completed its $110 billion acquisition of Warner Bros. Discovery on Oct. 6, 2026, and renamed the combined company Skydance Corporation.
• Warner Bros. Discovery brought HBO Max, CNN, Warner Bros. Pictures and cable networks like TNT, TBS and Discovery Channel into the deal, joining Paramount's CBS, Paramount+ and MTV.
• WBD shareholders received the cash equivalent of about $31 per share, with the transaction's total value reaching roughly $110-111 billion once assumed debt is included.
• To settle antitrust lawsuits from 12 state attorneys general and the Writers Guild, Paramount agreed to produce 30 films a year for two years and set up an editorial board to protect CNN and CBS News independence.
• The deal followed a yearlong auction in which Netflix briefly struck an $82.7 billion agreement for Warner Bros. and HBO before Paramount outbid it with an offer for all of WBD.
• Skydance is targeting at least $6 billion in run-rate synergies within three years as it plans to merge HBO Max and Paramount+ into a single streaming service.
• Financing leaned on billions in equity backstopped by David Ellison's father, Larry Ellison, and Middle Eastern sovereign wealth funds, with regulators waiving foreign-ownership limits on Paramount's broadcast licenses.
• The merger concentrates a huge share of Hollywood's film, TV, news and streaming output under one owner, sharpening debate over media consolidation as legacy studios try to match Big Tech's scale.