Skydance emerges as Paramount completes $110 billion Warner Bros Discovery merger
The deal brings Paramount+, HBO Max, CBS, CNN and two major Hollywood studios under one company, with plans to eventually unify its streaming services
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Published: Oct 7, 2026 7:39 AM | 2 min read
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- Paramount has finalized its $110 billion acquisition of Warner Bros Discovery, forming a new entertainment conglomerate named Skydance, one of the largest media mergers in history.
- The merger combines major assets, including Paramount Pictures, Warner Bros Pictures, streaming services Paramount+ and HBO Max, and various television and news networks, alongside a diverse portfolio of franchises.
- Skydance will be led by David Ellison as chairman and CEO, with Ynon Kreiz as co-CEO, and aims to unify its streaming services into a single platform while targeting over $6 billion in synergies within three years.
- The merger creates a significant competitor in the streaming market, impacting distribution partnerships in India, particularly with existing arrangements involving HBO Max and JioHotstar.
Paramount has completed its $110 billion acquisition of Warner Bros Discovery, creating a new entertainment conglomerate called Skydance and completing one of the largest media mergers in history.
The combined company brings together Paramount Pictures and Warner Bros Pictures, streaming services Paramount+ and HBO Max, television assets including CBS and HBO, news networks CNN and CBS News, and a large portfolio of franchises spanning Harry Potter, DC, Mission: Impossible and Game of Thrones.
Read On: Skydance leadership unveiled: David Ellison to be Chairman-CEO & Ynon Kreiz Co-CEO
Skydance will be led by David Ellison as chairman and CEO, with former Mattel chief Ynon Kreiz serving as co-CEO. Shares in the combined company began trading on the New York Stock Exchange under the ticker SKYD on Tuesday.
The company said its direct-to-consumer streaming products will eventually be unified into a single service, bringing Paramount+ and HBO Max under one platform over time.
The merged business generates close to $70 billion in annual revenue and is targeting more than $6 billion in run-rate synergies within three years, largely through technology integration, procurement, marketing and real-estate rationalisation.
Skydance has also committed to releasing at least 30 theatrical films annually and producing more than 180 television shows and series.
Read On: Paramount Skydance moves to enforce bond requirement in Warner Bros merger case
The transaction closed after clearing regulatory reviews across nearly 70 jurisdictions and resolving a legal challenge brought by California and 11 other US states.
For the streaming market, the merger creates another large-scale competitor to Netflix, Disney, Amazon and YouTube, while giving Skydance control over a broad mix of subscription streaming, linear television, news, sports and theatrical content.
In India, the immediate impact is likely to be felt through existing distribution partnerships rather than a new standalone service. HBO Max launched in India through JioHotstar in April 2026 under an exclusive partnership with Warner Bros Discovery. Any future integration of HBO Max and Paramount+ globally could therefore have implications for content licensing, bundling and distribution arrangements in the Indian market.
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