Paramount's $110 billion acquisition of Warner Bros. Discovery officially closed on October 6, 2026, culminating a more than year-long battle led by CEO David Ellison. The newly merged entity, branded Skydance and trading under the ticker symbol “SKYD,” combines two of Hollywood’s most renowned studios along with a substantial share of cable programming and the HBO Max streaming platform. This deal marks one of the largest media mergers in history and represents a significant reshaping of the entertainment landscape.

The acquisition journey began in June 2025 when Warner Bros. Discovery announced plans to split its business, sparking a strategic sale process. Paramount Skydance, fresh from its merger with Skydance and equipped with major content deals including UFC and “Stranger Things,” quickly emerged as a leading bidder. Despite initial rejections of three offers from Warner Bros. Discovery between September and October 2025, and competition from Netflix and Comcast, Paramount pressed forward with increasingly aggressive bids, including a hostile takeover attempt in December 2025 that sought to outbid Netflix’s $83 billion offer.

Throughout early 2026, the competition intensified with Paramount amending its bid to $31 per share, backed by billionaire Larry Ellison, and filing a lawsuit to challenge Warner Bros. Discovery’s favoring of Netflix. Regulatory approval proved another hurdle, as the Department of Justice gave a green light in June 2026, while a coalition of state attorneys general sued to block the merger citing antitrust concerns. The situation was complicated by a temporary restraining order and delays, but European regulators approved the deal after Paramount agreed to concessions on European film distribution.

The final breakthrough came in late September 2026 when Paramount settled with the state attorneys general, agreeing to conditions on theatrical film output and budgets. Outgoing Mattel CEO Ynon Kreiz was named co-CEO alongside Ellison, signaling a leadership team focused on turning around and uniting the new company. Skydance’s management lineup was announced in early October, solidifying the combined entity’s structure. The deal’s completion now positions Skydance as a major global entertainment powerhouse, with Ellison emphasizing that the Paramount and Warner Bros. brands will remain distinct under this expansive new media conglomerate.