Paramount Skydance has completed its acquisition of Warner Bros. Discovery, creating one of the largest media conglomerates in history under the new name Skydance.
The deal, completed on Tuesday after more than a year of negotiations, brings together two of Hollywood’s most established film studios and almost one-third of basic cable programming. The combined company will trade on the stock market under the ticker symbol “SKYD”.
Paramount Skydance completes Warner Bros. Discovery deal
The acquisition followed repeated rejections, a bidding contest and scrutiny from regulators in the United States and Europe. A group of US state attorneys general, led by California attorney general Rob Bonta, had also sued in July to block the transaction on antitrust grounds.
The lawsuit raised concerns that the merger could lead to higher prices and lower-quality content. Paramount later agreed to delay the closing until as late as June 2027 while the legal and regulatory issues were addressed.
The US Department of Justice approved the merger on 12 June, while European Union antitrust regulators cleared it the following month. The EU approval included concessions under which Paramount agreed to sell its stake in United International Pictures in Europe and not to enter film distribution agreements with Universal in Europe for 10 years.
The transaction was valued at an estimated 110 billion US dollars on an enterprise basis.
Outgoing Mattel chief executive Ynon Kreiz was named co-chief executive of the combined company alongside David Ellison on 30 September. Mr Kreiz oversaw Mattel’s move into entertainment, including the release of Barbie in 2023.
Mr Ellison said the Skydance name would allow Paramount and Warner Bros. to remain distinct brands. The leadership team also includes Bari Weiss and Mark Thompson, who will lead CBS and CNN respectively, while Casey Bloys, George Cheeks and JB Perrette will oversee the streaming and television businesses.
CBS Sports chief David Berson is expected to lead Skydance’s global sports group. The completion of the acquisition formally ends Paramount’s pursuit of Warner Bros. Discovery and establishes Skydance as the name of the newly combined entertainment company.
