The deal that Hollywood has been watching for months closed Tuesday. Paramount Skydance completed its $110 billion acquisition of Warner Bros. Discovery on October 6, 2026, formally creating Skydance. The combined company now trades on the New York Stock Exchange under the ticker SKYD.
David Ellison, who founded Skydance in 2010 with backing from Oracle co-founder Larry Ellison, leads the company as CEO. Ynon Kreiz, former chairman and CEO of Mattel, joined as co-CEO on October 5, taking charge of day-to-day operations and the integration. CNN president Mark Thompson and CBS News editor-in-chief Bari Weiss remain in their current roles, reporting separately to Ellison and Kreiz.
The combined entity holds a striking range of brands. Franchises including Mission: Impossible, Harry Potter, and DC Studios now sit under the same roof as CBS, CNN, Paramount+, and HBO Max. A single merged streaming service combining HBO Max and Paramount+ is planned, with no timeline yet announced. The company has committed to releasing at least 30 films per year for the first two years, rising to 32 per year through year five.
The financial picture is demanding. Skydance carries roughly $80 billion in debt and plans to cut $6 billion in annual costs, according to BNN Bloomberg. Much of that savings is expected to come from consolidating technology and infrastructure. Analysts at MoffettNathanson project EBITDA of $16 billion by 2028 and revenue of around $67 billion.
Regulatory approval came with conditions. A settlement with a coalition of U.S. states and a Hollywood writers union cleared the final legal barriers. Skydance also agreed to establish an editorial independence board overseeing CNN and CBS News. In his internal memo, Ellison stated the goal is "to build the next-generation media and entertainment company, powered by creativity and technology." What that next generation looks like for the studios, their workers, and the franchises they carry is still taking shape.