David Ellison completes $81 billion Paramount‑Warner Bros. Discovery merger forming Skydance
David Ellellson completed an $81 billion merger of Paramount Pictures and Warner Bros. Discovery on Oct. 6, 2026, forming a new media conglomerate called Skydance.
The combined entity brings together two of the United States’ oldest film studios, their iconic libraries and thousands of titles, alongside flagship streaming platforms HBO Max, Paramount+ and Discovery+, and news outlets CNN and CBS. The scale of the deal makes Skydance one of the largest entertainment firms in the country.
Ellison, who acquired Paramount through his Skydance company last year, will lead the new company with co‑CEO Ynon Kreiz. The merger follows a year‑long legal battle that culminated in a settlement with 12 state attorneys general, addressing antitrust concerns and securing commitments to boost domestic film production.
“It’s been a great honor to be alongside all of you,” the departing Warner Bros. CEO said. “I hope you take pride in what you’ve built, what you’ve created, and the role you’ve played in shaping an extraordinary history.”
As part of the settlement, Skydance pledges an additional $1.5 billion for domestic production over the next five years and will release 30 high‑quality theatrical films each year. The agreement also requires the creation of an independent editorial board for CBS News and CNN to safeguard journalistic independence.
Beyond film and television, the new conglomerate now controls a broad portfolio of cable channels, including CNN, CBS Sports, TNT Sports, Animal Planet, BET, Cartoon Network, Comedy Central, Discovery, Food Network, HBO, HGTV, MTV, Nickelodeon, Showtime and more. It also inherits major franchises such as “Harry Potter,” “Game of Thrones,” “Looney Tunes,” “Lord of the Rings,” “Mission: Impossible,” “Spongebob Squarepants,” “Star Trek” and “Transformers.”
Ellison announced on social media that Skydance will pursue growth with “passion, imagination, and a willingness to take smart risks,” while honoring the heritage of both studios. The next steps will focus on integrating operations, aligning content strategies across streaming services, and executing the promised production investments.
