Paramount Completed $110 Billion Warner Bros. Acquisition
The merged company has rebranded as Skydance and begun trading on the New York Stock Exchange.
Updated on Oct. 6, 2026 in Media
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Paramount finalized its $110 billion acquisition of Warner Bros. Discovery, resulting in the formation of a new entity named Skydance. Following the deal, former Warner Bros. Discovery shares ceased trading on the Nasdaq as investors received a cash payout of $31.01666668 per share.
Why it matters
The merger solidifies a massive consolidation in the media industry, bringing significant intellectual property under one banner. The deal follows a competitive bidding environment that saw a failed acquisition attempt by Netflix in 2025.
The transaction involved $31.01666668 in cash per share and required approval from regulators in nearly 70 jurisdictions. Skydance has set a target of at least $6 billion in annual savings within the next three years.
The players
Skydance
This is the newly branded entity formed from the merger of Paramount and Warner Bros. Discovery.
David Ellison
He serves as the chairman and CEO of the newly formed media company Skydance.
Warner Bros. Discovery
This former independent media conglomerate was acquired in the $110 billion transaction.
Paramount
This media corporation led the successful acquisition effort for Warner Bros. Discovery.
The details
Skydance now controls major franchises including DC, Harry Potter, Game of Thrones, Mortal Kombat, and Looney Tunes. The company is already planning a sequel to the hit title Hogwarts Legacy, which has recorded over 30 million copies sold, alongside a new Call of Duty film project scheduled for 2028.
Timeline
December 2025: Netflix attempted to purchase the Warner Bros. business.
February 27, 2026: Warner Bros. Discovery entered an agreement with Paramount Skydance.
October 6, 2026: The $110 billion acquisition officially closed.
Market Landscape
The deal represents a significant shift in media concentration, establishing Skydance as a dominant force in content ownership. It follows a period of intense competition for assets, notably outpacing the failed 2025 Netflix acquisition attempt.
Shareholders of the former Warner Bros. Discovery have received their cash payouts, concluding their involvement with the company on the Nasdaq. Consumers should expect the new Skydance entity to focus on monetizing its massive library of established film and gaming franchises.
The takeaway
The formation of Skydance signals an era of aggressive cost-cutting aimed at achieving $6 billion in annual savings. Investors and fans should monitor how the company balances its massive portfolio of existing intellectual property with these new efficiency mandates.
What happens next
A sequel to the popular game Hogwarts Legacy is expected to release between 2027 and 2028, and a feature film adaptation of Call of Duty is currently scheduled for 2028.
Further reading
For more on industry consolidation, see the Media section.
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