Paramount completes $110bn Warner Bros. Discovery takeover, creating new Hollywood giant

Paramount Skydance has completed its acquisition of Warner Bros. Discovery in a landmark deal valued at about $110 billion, bringing two of Hollywood’s biggest entertainment businesses under one corporate roof. The combined company will operate under the Skydance name.

The transaction, completed on 6 October 2026, creates a media group spanning film studios, television networks, streaming platforms, news organisations and major entertainment franchises. David Ellison remains chairman and chief executive, while former Mattel chief Ynon Kreiz serves as co-CEO with responsibility for day-to-day operations and integration.

“Hollywood’s New Powerhouse: Paramount and Warner Bros. Unite”

A new force in entertainment

The merger combines Paramount Pictures and Warner Bros., alongside streaming platforms including Paramount+ and HBO Max. The enlarged company also controls major television and news assets, including CBS, HBO and CNN, as well as an extensive library of films and television programmes.

The combined portfolio includes globally recognised franchises such as Harry Potter, Game of Thrones, Superman, Top Gun, Mission: Impossible, Star Trek and The Matrix. The scale of the catalogue gives Skydance a much larger collection of intellectual property to use across cinemas, television and streaming.

“David Ellison Leads New Skydance Entertainment Empire”

Battle for streaming audiences

One of the central motivations behind the transaction is the increasingly competitive streaming market. Skydance will be positioned to compete more directly with companies such as Netflix, Disney, Amazon and other technology-driven entertainment businesses.

The company has indicated that it intends to integrate its streaming operations over time while continuing to invest heavily in film and television production. It has also committed to producing at least 30 theatrical films a year, alongside more than 180 television shows and series.

“Paramount-Warner Bros. Merger Creates Global Media Giant”

Cost savings and job concerns

The enormous scale of the new company also brings financial pressure. Paramount has previously estimated that the merger could generate more than $6 billion in synergies, including savings from technology, corporate operations, procurement and real estate.

However, the planned efficiencies have raised concerns about potential job losses and the future of creative departments. Analysts and industry observers are watching closely to see whether the new company can reduce costs without weakening its film, television and news operations.

“$110bn Deal Reshapes the Hollywood Landscape”

CNN and CBS News under the new ownership

The deal also has implications beyond entertainment because Skydance now controls major news organisations including CNN and CBS News.

Concerns over editorial independence were among the issues surrounding the merger. As part of the agreements clearing the transaction, Skydance committed to measures intended to protect editorial independence at its news operations.

“Iconic Hollywood Franchises Enter New Era Under Skydance”

Hollywood enters a new era

The completed takeover represents one of the biggest consolidations in modern Hollywood. Skydance now has the resources, franchises and distribution networks to become a major competitor across cinema, television and streaming.

But the real test begins with integration. The company must combine thousands of employees, multiple streaming services, extensive film libraries and major television networks while managing substantial debt and maintaining audiences in a rapidly changing entertainment industry.

The merger therefore marks not simply the end of Warner Bros. Discovery as an independent company, but the beginning of a new phase for Hollywood under the Skydance banner.