Skydance Corporation Completes $111 Billion Acquisition of Warner Bros. Discovery
Skydance Corporation finalized its acquisition of Warner Bros. Discovery on Tuesday, October 6, 2026, concluding a high-stakes hostile takeover that reshapes the landscape of major Hollywood studios. The combined entity, which integrates the assets of Paramount and Warner Bros. Discovery, began trading on the New York Stock Exchange under the ticker symbol SKYD.
The deal valued Warner Bros. Discovery at approximately $31 per share in cash, representing a total transaction value of roughly $111 billion. This successful bid followed a competitive process that saw Netflix initially offer $82.7 billion for the Warner Bros. studio business alone. Paramount, backed by David Ellison’s Skydance, countered with a hostile bid for the entirety of the Warner Bros. Discovery corporate structure, eventually securing the assets.
Under the new corporate structure, David Ellison serves as Chairman and CEO of Skydance Corporation. He is joined by co-CEO Ynon Kreiz, the former Mattel chief executive, who will manage day-to-day operations and the integration of the legacy media brands. David Zaslav, who led Warner Bros. Discovery through its previous merger and subsequent debt reduction efforts, departed the company upon the deal’s closing with a severance package valued at $550 million.
The path to Tuesday’s closing involved significant regulatory negotiations. To secure approval and resolve concerns from 12 state attorneys general, Skydance agreed to specific concessions regarding its news divisions and production volume. The company is required to maintain independent editorial boards for both CNN and CBS News to preserve journalistic autonomy.
Furthermore, as part of the antitrust settlement, Skydance has committed to a rigorous production schedule, pledging to release at least 30 films annually and more than 180 television shows. This output mandate comes as the company navigates the integration of massive content libraries, including franchises such as Harry Potter, DC Studios, and Mission: Impossible.
While the corporate branding has shifted to Skydance, the individual studio identities are expected to remain distinct under the new parent company. The merger brings together HBO, Max, and Paramount+ under a single corporate umbrella, though immediate plans for app consolidation or platform sunsetting have not been detailed in the initial closing announcement.
