Paramount completed its $110 billion acquisition of Warner Bros. Discovery on Tuesday, bringing two major Hollywood entertainment businesses under one company after more than a year of competing bids, legal challenges and regulatory scrutiny.
The combined company will operate under the name Skydance and trade on the market under the ticker “SKYD.” The deal brings together two major film studios, HBO Max and a large portfolio of television networks, creating one of the largest media companies in the industry.
The path to the takeover began in June 2025, when Warner Bros. Discovery announced plans to separate its film and streaming operations from its global television networks. Paramount, meanwhile, completed its merger with Skydance in August 2025, putting David Ellison in charge as CEO.
A Year of Bids, Lawsuits and Regulatory Hurdles
Paramount began pursuing Warner Bros. Discovery in September 2025, but its initial proposals were rejected. The situation escalated when Netflix and Comcast also submitted bids for parts of the company, while Paramount pursued the entire business.
Netflix reached an agreement to acquire Warner Bros. Discovery’s film and streaming assets for nearly $83 billion on an enterprise basis in December 2025. Paramount responded with a hostile, all-cash offer and later increased its proposal to $31 per share. Netflix ultimately declined to match the offer, clearing the way for Paramount and WBD to sign a definitive merger agreement in February 2026.
Shareholders approved the acquisition in April, but regulatory challenges continued. The U.S. Department of Justice approved the transaction in June, while the European Union cleared it in July subject to concessions. A lawsuit from state attorneys general temporarily threatened to delay the closing before Paramount reached a settlement in September.
In the final days before completion, Ellison named Mattel CEO Ynon Kreiz as co-CEO alongside himself and announced the company would retain Paramount and Warner Bros. as distinct brands under the broader Skydance organization.
Why It Matters: The completed transaction reshapes Hollywood’s media landscape by combining major film, streaming, television and sports operations under one corporate structure. The new Skydance will now face the challenge of integrating the businesses while maintaining the identities and operations of its major entertainment brands.
