Paramount Skydance completed its acquisition of Warner Bros. Discovery on Tuesday, October 6, creating a giant company under the name Skydance that brings together two century-old Hollywood studios, two global streaming services, and two major American news organizations under one roof. The acquisition, consisting of cash payments and assumed debt, is valued at nearly $111 billion, making it one of the highest-value media industry mergers in history. The combined company will have annual revenue of nearly $70 billion and will list on the New York Stock Exchange under the ticker SKYD. The new company's creation stems from two back-to-back mergers, beginning with David Ellison's Skydance Media merging with Paramount Global in August 2025, before Paramount Skydance acquired Warner Bros. Discovery. David Ellison becomes chairman and chief executive officer of the new company, while Egon Krys, a former senior executive at Mattel, has been appointed co-CEO. The company has pledged to release at least 30 theatrical films a year and produce more than 180 television shows and series a year, and aims to cut costs by at least $6 billion a year within three years. However, several labor unions have warned that the merger could reduce diversity in media production and weaken workers' bargaining power.
Warner Bros Discovery IncWarner Bros. Discovery is acquired by Paramount Skydance in a nearly $111 billion cash-and-debt deal, a major M&A event for the company.
