Paramount has completed the acquisition of Warner Bros. Discovery to create a combined company named Skydance. The latest in a long line of media mega mergers aims to build a next-generation global media and entertainment company powered by creativity and technology. The combined company brings together two major film studios, two global streaming services, premier television assets including Paramount, Warner Bros., HBO and HBO Max, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central, not to mention Channel 5 in the United Kingdom.
The transaction completed following approval from competition authorities around the world. Skydance will trade on the New York Stock Exchange as SKYD. The Ellison family will hold the largest equity stake and together with RedBird Capital Partners will have 100% of the voting shares.
David Ellison, the chairman and chief executive of Skydance, is the son of the founder of Oracle and founded Skydance Media in 2006 and merged it with Paramount in 2025. He said: “From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality.”
Ynon Kreiz will be co-chief executive. He was previously chief executive of Mattel. Before that he was chief executive of Maker Studios, a multichannel network on YouTube, which was acquired by The Walt Disney Company. He was formerly chief executive of Endemol Group, the independent television production company.
“The industry is at an inflection point, demanding evolution, investment, and a willingness to rethink business models,” he said. “I look forward to working with the leadership team to build a cohesive global entertainment platform — one that stands out with best-in-class operations and execution powered by technology, with unparalleled creative relationships, production capabilities, and global reach.”
David Zaslav, the former chief executive of Warner Bros. Discovery, will waltz off with about $600 million. Other senior executives will also leave with large paydays.
Former UK Prime Minister Tony Blair will join as a board advisor. Apparently, his global leadership experience and commitment to innovation position him as an invaluable advisor in shaping strategic priorities for Skydance.
David Ellison said: “Tony has led at the highest levels of government, respected for his intellect, strategic vision and ability to bring people together around bold, forward-looking ideas. His global perspective and insight will be invaluable as we turn ambition into results.”
Mark Thompson, the former director general of the BBC, as editor-in-chief of CNN Worldwide and Bari Wiess, his counterpart at CBS News, will head the executive leadership team for news.
With nearly $70 billion in annual revenue, Skydance will be one of the largest media and entertainment companies in the world.
For the immediate future, Paramount+ and HBO Max will continue to operate as separate apps, although there will potentially be discounted bundling deals. In the longer term, they could be replaced by a single online service.
The consolidation of Skydance brings Channel 5 in the United Kingdom, owned by Paramount, and TNT Sports, a joint asset of WBD, under one roof, which also covers brands including HBO, CNN, and CBS. The merger could lead to some interesting possibilities. Regulatory approval was subject to legally binding commitments from Paramount over its footprint in the United Kingdom broadcasting and on-demand market.