The $110bn merger between Paramount Skydance and Warner Bros. Discovery will create a new media giant operating under the name Skydance Corporation when the transaction closes on Tuesday, October 6, 2026.
David Ellison, who will lead the combined company, announced the new corporate name ahead of the closing, saying it is intended to serve as an umbrella identity while allowing the historic Paramount and Warner Bros. brands to retain their individual identities.
The merger brings two major Hollywood portfolios under one corporate parent, combining film and television studios, streaming platforms, news organisations and sports networks.
The new company will own or operate major entertainment brands including HBO, Max, Paramount+, Warner Bros., DC Universe and Paramount Studios while Its news and sports businesses will include CNN, CBS News, TNT Sports and CBS Sports.
Ellison, Kreiz to Lead Combined Company
Ellison will serve as CEO alongside Ynon Kreiz, the outgoing CEO of Mattel, who will oversee the day-to-day integration of the two companies.
The leadership structure is designed to bring together Paramount’s and Warner Bros. Discovery’s operations as the newly formed company begins operating as a single media group. The merger will also trigger a change in the company’s stock-market listing. Its Class B shares will move from the Nasdaq to the New York Stock Exchange (NYSE) and trade under the ticker SKYD.
The new corporate structure is aimed at consolidating the companies’ extensive film, television, streaming, news and sports operations while maintaining the consumer-facing identities of their established brands.
Merger Clears Final Regulatory Hurdle
The transaction cleared its final major regulatory hurdle last week after a federal judge approved a settlement involving the media companies and a group of state attorneys general.
The states had raised antitrust concerns over the potential impact of combining two major players in the US media and entertainment industry. With the regulatory process cleared, the Paramount-Warner Bros. Discovery merger is expected to close on October 6, formally creating Skydance Corporation.
The deal represents one of the largest media industry consolidations in recent years and gives the new company a vast portfolio spanning Hollywood studios, streaming services, news and live sports.
