Paramount's $110 Billion Warner Bros. Deal Closes as Skydance

Paramount said Tuesday it has completed a $110 billion acquisition of Warner Bros. Discovery, merging the two companies into a new corporation called Skydance, according to TechCrunch. The deal is described by the outlet as one of the largest mergers of all time.

How much is the deal worth?

The transaction is valued at $110 billion, TechCrunch reported. The combined company expects annual revenue of nearly $70 billion, according to figures Skydance provided to the outlet.

Deal by the numbers

• $110 billion — purchase price for Warner Bros. Discovery
• $70 billion — projected annual revenue for the combined Skydance

What brands and franchises does Skydance now control?

The merger joins Paramount+ and HBO Max under one roof, along with networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network, TechCrunch reported. Skydance also gains franchises such as "The Lord of the Rings," "Game of Thrones," the DC Universe, and "Yellowstone."

Who runs Skydance after the merger?

David Ellison takes control of the combined entertainment company. He had completed a separate merger of Skydance Media with Paramount a year earlier, according to TechCrunch, and the Ellison family is now Skydance's largest shareholder. The family's stake is backed financially by Larry Ellison, David Ellison's father and Oracle co-founder, per the report.

"Today is a historic day, not just for Skydance but for our entire industry," Ellison said in a statement cited by TechCrunch. "From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere."

What cleared the legal path to closing?

TechCrunch reported that settlements with a coalition of U.S. states and a Hollywood writers' union resolved the main legal obstacles standing in the way of the deal before it closed.

How did the deal come together?

• Prior merger: Skydance Media merges with Paramount, putting Ellison in charge of Paramount, according to TechCrunch.
• Netflix bid: Netflix had reached an earlier agreement to buy Warner Bros.' film, television studio and streaming business — excluding its cable networks — before Paramount entered the picture, TechCrunch reported.
• February announcement: Paramount announces it will acquire Warner Bros. after a bidding battle with Netflix, per the outlet.
• Sweetened terms: Paramount promises shareholders extra cash if the deal missed a specified closing deadline, and agrees to cover the breakup fee Warner Bros. owed Netflix for ending its prior agreement, TechCrunch reported.
• Settlements: A coalition of U.S. states and a writers' union settle disputes, clearing the deal's main legal hurdles.
• October 6, 2026: Paramount completes the $110 billion acquisition, forming Skydance.

What happens to the stock now?

Skydance's Class B shares began trading on the New York Stock Exchange the day the deal closed, under the ticker symbol "SKYD," according to TechCrunch.

TechCrunch did not report a timeline for integrating Paramount+ and HBO Max, nor did it specify how the combined networks — CBS, CNN, MTV, TBS, Comedy Central and Food Network — will be managed under the new ownership structure.