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Paramount and Skydance completed their merger on August 7, 2025. The resulting company already includes Paramount’s film and television businesses, CBS and its news and sports operations, major cable brands, Paramount+ and Pluto TV, along with Skydance’s production and games divisions. Warner Bros. Discovery is a separate, pending acquisition: as of October 2, 2026, it was expected to close on October 6, after which WBD would become a wholly owned subsidiary of Paramount.
What Paramount already owns through its Skydance merger
The Paramount-Skydance merger is complete; it is not the same transaction as the proposed Warner Bros. Discovery acquisition. Paramount’s August 7, 2025 merger announcement describes a portfolio that brings together Paramount’s established businesses and Skydance’s divisions.
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| Area | Named businesses and brands in the completed combination |
|---|---|
| Film and television production | Paramount Pictures; Paramount Television; Skydance Film; Skydance Television; Skydance Animation |
| Broadcast, news and sports | CBS; CBS News; CBS Sports |
| Cable and entertainment brands | Nickelodeon; MTV; BET; Comedy Central; Showtime |
| Streaming and digital distribution | Paramount+; Pluto TV; Skydance Interactive/Games |
| Other named division | Skydance Sports |
This is a map of the named portfolio, not an inventory of every legal entity, program, library right, channel feed or local station. The FCC approved Skydance’s acquisition of Paramount Global and its subsidiaries, including the ultimate parent of CBS-owned-and-operated broadcast stations, on July 24, 2025.
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Warner Bros. Discovery is not part of Paramount yet
Paramount has announced a separate acquisition of Warner Bros. Discovery (WBD). Under the SEC transaction materials, a merger subsidiary of Paramount is to merge with WBD, with WBD surviving as a wholly owned Paramount subsidiary. That establishes the intended parent-level ownership structure; it does not mean the deal had closed as of October 2, 2026.
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Axios reported on October 2 that the companies expected the transaction to close on October 6, 2026. That was an expected date, not a completed closing. Until the transaction closes, WBD should be described as a pending addition, not as an asset Paramount already owns.
What the announced expansion would add
At the company level, the announced transaction would place WBD under Paramount as a wholly owned subsidiary. The materials cited here do not provide a definitive post-closing list of every WBD subsidiary, channel, license or retained or divested asset, so it would be premature to promise that every WBD brand or property will transfer unchanged.
Why the combined company is expected to be called Skydance
David Ellison announced that the combined Paramount-WBD company would use the name Skydance, with the planned stock ticker SKYD, according to Axios’s October 2, 2026 report. The report says the name recognizes Ellison’s production company while leaving room for Paramount and Warner Bros. to remain consumer-facing brands. The announced corporate name does not itself replace those studio, network or service brands.
What regulatory commitments would shape the WBD combination
A federal court settlement described by the Associated Press in 2026 set out operating commitments tied to the Warner merger. These are obligations for the combined company if the acquisition proceeds, rather than a catalogue of what it owns.
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- U.S. film investment: At least $1.5 billion in additional U.S. film spending over five years.
- Theatrical releases: 30 films distributed each year for the first two years, followed by 32 films annually for the next three years. The settlement requires only half of those films to be produced or jointly produced by the combined company.
- Cable negotiations: Paramount must negotiate separately for its current basic cable channels and Warner-owned basic cable channels for five years.
- News oversight: A News Editorial Independence Board covering CBS and CNN must be formed within 180 days of the Warner acquisition. It is to have five active or retired journalists with at least 10 years’ experience, appointed by and reporting to the combined company’s board for three-year terms.
- Consequences for missed film commitments: The settlement provides for possible divestiture of Miramax Studios and a $30 million payment for each missed film to specified industry-union health and retirement funds.
The ownership picture at a glance
- Completed: Paramount and Skydance merged on August 7, 2025, bringing the named Paramount businesses and brands together with Skydance’s Animation, Film, Television, Interactive/Games and Sports divisions.
- Pending as of October 2, 2026: Paramount’s acquisition of WBD, which was expected to close October 6. If completed as announced, WBD would become a wholly owned Paramount subsidiary.
- Announced future corporate identity: Skydance, with ticker SKYD, for the combined Paramount-WBD company, according to October 2 reporting.
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