Paramount Completes $110 Billion Merger with Warner Bros. Discovery, Forming Skydance
Paramount has finalized its acquisition of Warner Bros. Discovery for $110 billion to form a new entertainment company named Skydance. The merger combines two major streaming services—Paramount+ and HBO Max—and unites several well-known networks such as CBS, CNN, MTV, TBS, Comedy Central, and Food Network. It also brings together significant intellectual properties like 'The Lord of the Rings,' 'Game of Thrones,' DC Universe, and 'Yellowstone.' David Ellison, who previously merged Skydance Media with Paramount last year, now leads the new entity as its largest shareholder, backed by his father Larry Ellison’s Oracle fortune. The deal overcame legal challenges from U.S. states and a writers’ union after reaching settlements. It followed a competitive bidding process that included Netflix, which had initially agreed to buy Warner Bros.’ film and TV studios. The newly formed Skydance is expected to generate nearly $70 billion in annual revenue and will begin trading on the NYSE under the ticker symbol 'SKYD.' Ellison emphasized the company’s goal of creating a stronger competitor capable of delivering content across all platforms while empowering creatives and rewarding shareholders.
