Paramount has completed its $110 billion acquisition of Warner Bros., creating a major entertainment empire under the new name Skydance.
On Tuesday, 6 Oct 2026 GMT+7, Paramount Skydance finalized its purchase of Warner Bros. Discovery in a deal exceeding $110 billion, adopting the new parent company name Skydance under CEO David Ellison’s leadership.
Paramount and Warner Bros., studios behind major films like Mission: Impossible and Harry Potter, will remain film production studios within the group, uniting global TV and streaming networks such as CBS, CNN, Paramount+, and HBO Max under one roof.
This merger closed after Paramount reached compromise agreements with U.S. state authorities and Hollywood writers’ unions, removing key legal obstacles amid Hollywood’s crisis of declining cable TV subscribers and high competition costs in the streaming market.
Following the merger, David Ellison will serve as chairman and CEO of the new parent company named Skydance, overseeing creative direction and strategic integration.
Meanwhile, Ynon Kreiz, former CEO of Mattel, has been appointed co-CEO to manage daily operations and organizational integration. Sir Mark Thompson, CEO of major U.S. media company CNN, and Barry Weiss, CBS News executive editor, will retain their leadership roles in news divisions.
Under Ellison’s leadership, the new company plans a major cost-cutting initiative targeting $6 billion in savings by focusing on non-labor cost reductions such as consolidating streaming platform infrastructure and technology, as well as shared cloud services.
They plan to combine major streaming services HBO Max and Paramount+ into a single platform or app to enhance competitiveness against other giants. However, analysts warn this may impact jobs and lead to layoffs within Hollywood’s industry.
At the same time, both studios will continue prioritizing theatrical film releases with a minimum 45-day exclusive run before streaming, aiming to boost box office revenue to manage a substantial debt load of about $80 billion.
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Source:cna