Paramount-Warner Bros. Merger Closes Under Skydance

Paramount and Warner Bros. Discovery have completed their merger, creating a single entertainment company called Skydance Corp. The transaction brings two historic Hollywood studios, major television networks and rival streaming platforms under the leadership of chairman and chief executive David Ellison.

A vast portfolio now sits inside one company

The combined group includes Paramount Pictures, Warner Bros., HBO, CBS, CNN, MTV, Nickelodeon, Comedy Central, Cartoon Network and Food Network. Its streaming holdings include Paramount+, HBO Max and Pluto TV, while its franchise library stretches from DC and Game of Thrones to Mission: Impossible and The Lord of the Rings.

Variety valued the transaction at $111 billion when Warner Bros. Discovery debt is included. Skydance said the merged business is expected to generate nearly $70 billion in annual revenue, but it also begins with a heavy debt load and an ambitious integration plan.

Streaming integration will be closely watched

Skydance says Paramount+ and HBO Max will eventually be combined into one service. The company has not yet announced a timetable, pricing structure or migration plan for subscribers, leaving some of the most immediate consumer questions unanswered.

Ellison has named former Mattel chief Ynon Kreiz as co-CEO, with responsibility for daily operations and the integration of the businesses. Casey Bloys will oversee direct-to-consumer content, placing HBO’s longtime programming leader in a central role across the expanded streaming operation.

Scale brings opportunity and pressure

The merger cleared legal challenges and competition concerns before closing. Skydance is targeting more than $6 billion in annualized savings over three years, with technology, marketing, procurement and real estate among the areas marked for consolidation.

That target makes employment and creative investment major concerns. Thousands of layoffs are expected over the coming months, according to Variety, while industry observers will watch whether a larger company can preserve distinct studio identities and maintain output. For audiences, the promised single streaming service may be the most visible change, but the deal’s consequences will reach production, distribution, news and sports across the media business.