Paramount and Warner Bros. Discovery are set to complete one of Hollywood’s biggest media mergers, with the combined company taking the name Skydance Corporation.
The blockbuster transaction, led by Paramount Skydance CEO David Ellison, is scheduled to close on Tuesday, October 6, 2026, following the final legal clearances that allowed the deal to move forward.
The transaction has been reported at roughly $81 billion in value, while the total value including debt has been estimated at about $110 billion to $111 billion.
Ellison announced last week that the new parent company would be known as Skydance, explaining that the decision was intended to give the combined business its own corporate identity without diminishing the Paramount and Warner Bros. brands.
The individual studio identities will remain prominent under the new structure, preserving the names and legacies associated with two of Hollywood’s most recognisable entertainment companies.
The merger brings together an enormous collection of film, television, streaming and news assets, including Paramount+, CBS, Nickelodeon, HBO Max, CNN and the Warner Bros. and Paramount film studios. The combined company will also control major entertainment franchises and intellectual properties associated with both businesses.
Ellison will lead the new company alongside Ynon Kreiz, the former Mattel chief executive who is joining as co-CEO. The new leadership structure is expected to oversee the integration of the two companies and the management of their expanded portfolio.
Several senior executive changes have also been announced ahead of the closing. Reuters reported that the new Skydance leadership team will oversee the company’s corporate, entertainment, news and business operations following completion of the transaction.
The merger faced significant regulatory opposition before receiving the final green light. Twelve U.S. states had challenged the transaction on antitrust grounds, but Paramount and the states reached a settlement that cleared a major obstacle to the deal.
A federal judge subsequently approved the settlement, allowing the companies to proceed with the merger. Among the conditions are commitments relating to U.S. film production, theatrical releases and editorial independence at CBS News and CNN.
The deal represents a major reshaping of the global entertainment industry, combining two major Hollywood studios and a wide range of television, streaming and news operations under one corporate structure.
For audiences, the merger could eventually affect how major film franchises, television programming and streaming services are managed and distributed, although the immediate focus will be on integrating the businesses and implementing the new corporate structure.
With the closing of the transaction, Skydance will become the parent company overseeing the combined entertainment empire, while Paramount and Warner Bros. continue to operate as major studio brands within the newly formed corporate giant.
