Paramount Completes Landmark Acquisition of Warner Bros. Discovery to Form Skydance Global Media Powerhouse

Skydance Corporation has officially completed its acquisition of Warner Bros. Discovery, creating a global entertainment titan generating nearly $70 billion in annual revenue. Under the leadership of Chief Executive Officer David Ellison and Co-Chief Executive Officer Ynon Kreiz, the combined company unites legendary film studios, major television networks, and streaming services while targeting $6 billion in run-rate cost synergies. Shareholders of Warner Bros. Discovery received $31.01666668 per share in cash as Class B shares of the combined enterprise begin trading on the New York Stock Exchange under the ticker SKYD.

RMN News Business Desk
New Delhi | October 8, 2026

LOS ANGELES and NEW YORK — In a transformative consolidation for the global entertainment industry, Skydance Corporation (formerly Paramount Skydance Corporation) has formally announced the completion of its acquisition of Warner Bros. Discovery, Inc. The newly combined entity, named Skydance, unites two of Hollywood’s most historic film studios and media operations into a unified media powerhouse trading on the New York Stock Exchange under the ticker symbol SKYD.

Unifying Two Century-Old Media Empires

The merger brings together a vast ecosystem of studio, broadcast, news, and streaming assets. Skydance now encompasses two major motion picture studios in Paramount Pictures and Warner Bros., iconic television networks including CBS and HBO, major sports broadcasters CBS Sports and TNT Sports, and premier news brands CBS News and CNN. The portfolio also includes popular cable brands such as Nickelodeon, MTV, Cartoon Network, HGTV, Food Network, BET, and Comedy Central.

On the direct-to-consumer front, the transaction combines premier streaming platforms, including HBO Max, Paramount+, and Pluto TV. Together, the streaming services count more than 200 million subscribers globally. Management plans to integrate these offerings into a unified direct-to-consumer service over time, offering enhanced functionality and expanded content choices for global audiences across more than 200 countries and territories.

Transaction Details and Capital Structure

Under the terms of the acquisition agreement, Warner Bros. Discovery shareholders received $31.01666668 per share in cash. Consequently, Warner Bros. Discovery common stock has ceased trading on the NASDAQ Exchange.

The deal was supported by $47 billion in new equity capital invested in Class B Common Stock priced at $12.00 per share. The investment consortium was led by the Ellison Family, RedBird Capital Partners, Public Investment Fund, L’IMAD, Qatar Investment Authority, and LionTree. Debt financing for the transaction was arranged through Bank of America, Citigroup, and Apollo.

Voting control remains concentrated, with the Ellison Family holding the largest equity stake in Skydance, and the Ellison Family alongside RedBird Capital Partners holding 100 percent of the combined company’s voting shares.

Executive Leadership, Governance, and Board Additions

David Ellison serves as Chairman and Chief Executive Officer of Skydance, leading the executive management team alongside Co-Chief Executive Officer Ynon Kreiz. Gerry Cardinale, Founder and Managing Partner of RedBird Capital Partners, serves as a key Board Director.

Skydance has also expanded its Board of Directors, adding Ynon Kreiz, Laurene Powell Jobs, and Bobby Kotick as directors, with former British Prime Minister Tony Blair joining as a senior strategic advisor.

“Today is a historic day, not just for Skydance but for our entire industry,” said Chairman and CEO David Ellison. “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.”

Financial Targets and Production Commitments

The combined enterprise enters the market with nearly $70 billion in annual revenue, making it one of the largest entertainment conglomerates in the world. Management has established a goal of achieving more than $6 billion in run-rate synergies within three years. Savings are expected to originate primarily from technology integration, procurement efficiencies, marketing optimization, and real estate rationalization.

Financially, Skydance aims to reduce its net leverage ratio to 3.0x by the end of 2029 and generate over $10 billion in free cash flow by 2030. The company projects pro forma annual content spending exceeding $30 billion.

Production commitments call for an industry-leading output of at least 30 theatrical feature films per year, each backed by a minimum 45-day exclusive theatrical window, alongside more than 180 television series. The company also affirmed its commitment to supporting independent production studios through third-party content licensing and commissioning.

Integration, Operational Synergies, and Workforce Impact

While the merger creates an expansive content catalog featuring franchises such as Top Gun, Harry Potter, The White Lotus, and SpongeBob SquarePants, the integration process will involve organizational restructuring.

In a memorandum sent to employees, company leaders notified staff that workforce reductions are planned as part of the integration strategy. Executives noted that unifying two large corporate structures will require difficult decisions regarding staffing, emphasizing a commitment to managing the workplace transition thoughtfully and respectfully.

The transaction received unanimous regulatory approval from competition authorities across nearly 70 jurisdictions worldwide. Trading of Skydance Class B common stock on the NYSE begins immediately under the ticker SKYD.