Paramount Closes $110 Billion Deal to Acquire Warner Bros. Discovery, Creating Skydance
Updated on: October 6, 2026 / 8:38 PM EDT / CBS News
TL;DR
- Paramount Skydance completed the $110 billion acquisition of Warner Bros. Discovery.
- The merged entity will be rebranded as Skydance, uniting film studios like "The Godfather" and "Harry Potter," news outlets CBS News and CNN, cable networks, and streaming services.
- David Ellison and Ynon Kreiz will serve as co-CEOs of the new company.
- Warner Bros. shareholders will receive approximately $31 per share in cash.
- The deal was finalized after settling antitrust lawsuits from state attorneys general and the Writers Guild of America.
- Paramount pledged to produce 30 films annually for the first two years and committed to not selling or closing the Paramount or Warner Bros. studio lots for at least five years.
- An editorial board will be established to help CNN and CBS maintain editorial independence.
- The company targets $6 billion in cost savings, which may lead to workforce changes.