Paramount Skydance has completed the acquisition of Warner Bros Discovery in a deal valued at approximately $93 billion to $110 billion, creating one of the largest entertainment companies globally. The merger, finalized in early October 2026, brings together two major Hollywood studios along with a vast portfolio of film, television, and streaming assets.

The newly formed entity, named Skydance, unites Paramount’s and Warner Bros’ extensive libraries and production capabilities. This includes franchises such as Harry Potter, Mission: Impossible, DC Studios, Top Gun, The Godfather, Game of Thrones, and Lord of the Rings. In addition to major film properties, the group now controls prominent television networks and streaming services, including CBS, CNN, Channel 5, Paramount+, and HBO Max.

David Ellison, former chief executive of Paramount and now co-chief executive of Skydance, described the merger as a landmark moment for the entertainment industry. Ellison emphasized the company’s goal of becoming a stronger competitor equipped with the talent, resources, and reach to produce diverse content for global audiences across multiple platforms. He expressed a focus on maintaining value for consumers amid industry changes.

Businessman Ynon Kreiz joins Ellison as co-chief executive, signaling shared leadership following Paramount’s successful bid for Warner Bros Discovery, reportedly surpassing offers from companies such as Netflix. The deal is expected to shift the streaming landscape, as the combined company integrates its extensive content libraries and re-evaluates distribution strategies.

Industry observers note that the merger may lead to changes in where and how popular franchises are available to viewers, though details on platform alignments and subscriber impacts have yet to be fully disclosed. The creation of Skydance represents a significant consolidation in Hollywood, aiming to enhance competitive positioning as streaming services and traditional media continue to evolve.