Paramount Completes $111 Billion Acquisition of Warner Bros. Discovery
Business
Paramount Skydance has completed its acquisition of Warner Bros. Discovery, creating one of the largest media groups in Hollywood history. The total value of the transaction, including debt, was approximately $111 billion.
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The deal brings two of Hollywood’s major studios, Paramount Pictures and Warner Bros., under the control of a single company, along with a broad portfolio of film, television and streaming assets. Paramount and Warner Bros. will continue to operate as separate brands within the new corporate structure, which has been named Skydance.
The combined media group includes CBS, HBO, HBO Max, CNN, Paramount+, Pluto TV and other assets. Its major franchises now include “Harry Potter,” the DC universe, “The Lord of the Rings,” “Game of Thrones,” “Mission: Impossible,” “Top Gun,” “Transformers” and other major entertainment properties.
David Ellison will lead the company, retaining his positions as chairman of the board and chief executive officer. Ynon Kreiz, former CEO of Mattel, will serve as co-CEO and oversee day-to-day operations and the integration of the combined businesses. Under the new leadership structure, Ellison will focus on strategy, creative direction and technology, while Kreiz will be responsible for daily operations and integration.
The transaction followed a months-long approval process. Paramount and Warner Bros. Discovery announced their agreement in February 2026. Regulators reviewed the deal in 68 countries. In June, the U.S. Department of Justice concluded its antitrust investigation, determining that the transaction was not likely to harm competition or American consumers.
Under the agreement, Skydance is required to release at least 30 films a year in U.S. theaters during the first two years and at least 32 films annually for the following three years. The company must also increase annual spending on film and television production in the United States by at least $300 million compared with the combined 2025 spending of Paramount and Warner Bros. Discovery.
The completed transaction therefore brings major studios, television networks, streaming platforms and global franchises under Skydance, creating a new large-scale structure in the global media industry.
The combined media group includes CBS, HBO, HBO Max, CNN, Paramount+, Pluto TV and other assets. Its major franchises now include “Harry Potter,” the DC universe, “The Lord of the Rings,” “Game of Thrones,” “Mission: Impossible,” “Top Gun,” “Transformers” and other major entertainment properties.
David Ellison will lead the company, retaining his positions as chairman of the board and chief executive officer. Ynon Kreiz, former CEO of Mattel, will serve as co-CEO and oversee day-to-day operations and the integration of the combined businesses. Under the new leadership structure, Ellison will focus on strategy, creative direction and technology, while Kreiz will be responsible for daily operations and integration.
The transaction followed a months-long approval process. Paramount and Warner Bros. Discovery announced their agreement in February 2026. Regulators reviewed the deal in 68 countries. In June, the U.S. Department of Justice concluded its antitrust investigation, determining that the transaction was not likely to harm competition or American consumers.
Under the agreement, Skydance is required to release at least 30 films a year in U.S. theaters during the first two years and at least 32 films annually for the following three years. The company must also increase annual spending on film and television production in the United States by at least $300 million compared with the combined 2025 spending of Paramount and Warner Bros. Discovery.
The completed transaction therefore brings major studios, television networks, streaming platforms and global franchises under Skydance, creating a new large-scale structure in the global media industry.
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