Paramount Completes One Hundred Ten Billion Dollar Warner Bros Acquisition Creating Skydance Media Powerhouse

Paramount Skydance Corporation completed its blockbuster acquisition of Warner Bros. Discovery on Tuesday, October 6, uniting two of Hollywood's most storied studios in a deal valued at $110 billion and creating a new global entertainment leader called Skydance.

The combined company brings together two major film studios, two global streaming services, an expansive television portfolio including CBS and HBO, two premier news networks in CBS News and CNN, and a deep library spanning more than a century of entertainment history. Skydance Class B shares began trading on the New York Stock Exchange under the ticker symbol "SKYD" following the transaction's close.

Under the merger agreement, Warner Bros. Discovery shareholders received $31.02 per share in cash. Warner Bros. Discovery shares ceased trading on NASDAQ effective October 6. The transaction received unanimous approval from competition authorities covering nearly 70 jurisdictions worldwide.

Skydance now operates as one of the largest media and entertainment companies in the world, with nearly 70 billion dollars in annual revenue. The combined entity serves more than 200 million streaming subscribers across platforms and reaches audiences in more than 200 countries and territories.

The new company's portfolio spans iconic franchises from Top Gun and Harry Potter to White Lotus and SpongeBob SquarePants. Skydance plans to release at least 30 theatrical films annually, each with a minimum 45-day theatrical window, while producing more than 180 television shows across TV and streaming platforms.

Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, emphasized the deal's transformative impact on the industry. "This is a defining moment for the industry," Cardinale said. "By applying our owner-operator model to Paramount and WBD's unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that's undergoing transformational change."

Skydance is targeting more than 6 billion dollars in run-rate synergies over the next three years, primarily from technology integration, procurement, marketing, and real estate rationalization. The synergy savings will make the company leaner and more nimble, freeing it to grow investment in stories, creators, and technology.

The combined company's live sports portfolio includes CBS Sports and TNT Sports, positioning Skydance as a major player in sports broadcasting. The entertainment portfolio encompasses CBS as the nation's most-watched broadcast network, HBO as the premium cable leader, and cable networks from both legacy companies.

Consumers can expect innovation from a company built with technology at its core, including significant improvements to direct-to-consumer streaming products. Skydance plans to unify its streaming services into a single platform over time, creating a more seamless experience for subscribers.

The transaction strengthens competition and expands consumer choice, according to Skydance executives. The combination will support the independent production sector by commissioning content from independent studios and licensing its own content to third parties, creating more opportunities and jobs for creatives both in front of and behind the camera.

Skydance is targeting net leverage of 3.0x by the end of 2029, applying the same operational playbook that allowed Paramount to exceed its synergy targets following the original Skydance-Paramount merger. The strong financial foundation positions the company to capitalize on growth opportunities while delivering shareholder value.

The completed merger represents a decisive shift in the media landscape, bringing scale and resources to compete with streaming giants and traditional studios alike. Skydance's leadership team, led by CEO David Ellison and Co-CEO Ynon Kreiz, now controls one of the world's most comprehensive entertainment portfolios.

With production capabilities spanning film, television, animation, and streaming, Skydance enters the market as a fully integrated entertainment company. The combination of Paramount's theatrical strength and Warner Bros.' franchise power creates a unique competitive position in an industry undergoing rapid transformation.