Paramount and Warner Bros. Discovery to Operate as Skydance After Merger

Paramount and Warner Bros. Discovery will operate as Skydance once their merger closes, Paramount CEO David Ellison announced Friday. The roughly $110 billion deal is expected to close October 6. Skydance is the name of Ellison’s original film production company.

The merger will combine two major Hollywood studios along with Paramount+ and HBO Max. It will also bring together networks including CBS, CNN, MTV, TBS, Comedy Central, and Food Network. Skydance will control major franchises including “The Lord of the Rings,” “Game of Thrones,” the DC Universe, and “Yellowstone.”

The deal followed a drawn-out corporate battle. Netflix had agreed to acquire Warner Bros.’ streaming and studio businesses before the broader Paramount deal moved forward. Twelve states challenged the deal, arguing it could reduce competition and harm consumers and workers, but a judge approved a settlement with the state attorneys general this week.

Ellison said the Paramount and Warner Bros. brands will remain central to the company. He wrote that the new corporate identity was not intended to diminish, alter, or overshadow either brand. The stated goal is to give the combined company an identity of its own while keeping both studios in the spotlight.