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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Paramount Skydance Corporation completed its acquisition of Warner Bros. Discovery (WBD) on October 6, 2026, creating a combined company named Skydance. The announced $110 billion figure was the deal’s enterprise value—not the cash paid to each WBD shareholder. The transaction is closed, but Skydance has not announced when its streaming services will be unified or what the resulting service will cost.
What happened to Paramount and Warner Bros. Discovery?
Skydance announced on October 6, 2026 that it had completed the acquisition after required regulatory approvals and customary closing conditions were satisfied. WBD shares ceased trading, and the company said its Class B shares would trade on the New York Stock Exchange under the ticker SKYD.
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The combined company brings Paramount and Warner Bros. under Skydance. Its chairman and CEO, David Ellison, called the closing “a historic day, not just for Skydance but for our entire industry.” That is the company leader’s characterization of the transaction, not an independent assessment of its effects.
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Why is the deal described as worth $110 billion?
Paramount’s February 27, 2026 agreement announcement valued WBD at $110 billion in enterprise value. That measure describes the value of a business, while the cash consideration paid for shareholders’ shares is a different measure. At closing, WBD shareholders received $31.01666668 per share in cash, according to Skydance’s October 6 announcement. The $110 billion figure is not the amount each shareholder received.
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What does the combined company include?
Skydance’s October 6 closing announcement describes a portfolio spanning production studios, streaming, television, news, sports, cable networks, and entertainment libraries.
| Area | Assets named by Skydance |
|---|---|
| Studios | Paramount and Warner Bros. |
| Streaming | Paramount+ and HBO Max |
| Broadcast and news | CBS, HBO, CBS News, and CNN |
| Sports | CBS Sports and TNT Sports |
| Libraries and franchises | Top Gun, Harry Potter, The White Lotus, and SpongeBob SquarePants |
| Other television assets | Both companies’ cable networks |
What will happen to Paramount+ and HBO Max?
Skydance says it plans to unify its direct-to-consumer streaming products into one service “over time.” Its closing announcement did not provide a launch date, final service name, price, or product details. It therefore does not establish when subscribers might see a combined app, whether existing plans will change, or what any future offering will include.
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What scale and goals has Skydance announced?
Skydance’s October 6, 2026 release reported nearly $70 billion in revenue and more than 200 million streaming subscribers across platforms. It also reported pro forma content spending above $30 billion for the last twelve-month period. These are company-reported figures, not independently audited post-close results established here.
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The same release set out operating commitments and financial targets. They are plans for the combined company, not achieved results.
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| Commitment or target | What Skydance said |
|---|---|
| Theatrical films | At least 30 films annually, each with a minimum 45-day theatrical window. |
| Television library | More than 180 shows. |
| Synergies | At least $6 billion in run-rate synergies within three years. |
| Net leverage | A 3.0x net-leverage target by the end of 2029. |
| Free cash flow | More than $10 billion by 2030. |
Skydance cautioned that actual results may differ and identified integration, debt, synergies, and financial goals as areas carrying risk. Meeting the targets will depend on execution; the announcement does not establish that the projected savings or financial results will materialize.
How did regulators and the states’ lawsuit affect the deal?
The U.S. Department of Justice Antitrust Division said on June 12, 2026 that, after an eight-month investigation, it determined the proposed transaction was not likely to harm competition or American consumers in streaming video on demand, linear television, or theatrical film development, production, and distribution. That is the DOJ’s finding, not a guarantee of consumer outcomes.
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The UK Competition and Markets Authority records that it cleared the anticipated acquisition on August 6, 2026 and closed its inquiry on August 17.
Twelve state attorneys general sued to block the merger. California Attorney General Rob Bonta’s July 24 statement described an interim agreement to delay the deal until five days after a decision on the merits or June 1, 2027, whichever came first. That pause was not the final disposition: the Associated Press reported that the states settled in September and a judge approved the settlement. The reported terms included increased U.S. film production over five years, funding support for workers displaced by the merger, and editorial monitoring of CNN and CBS. The states’ challenge therefore ended in settlement before the companies closed the deal; it did not prevent the October 6 closing.
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Bonta argued that the merger would give too few corporations too much power in markets important to Americans. That was the state’s advocacy position, not an adjudicated finding that the transaction had harmed consumers.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is still unknown?
The closing establishes who owns the combined portfolio and that WBD shares stopped trading. It does not, by itself, establish how Skydance will integrate programming, staffing, distribution, or subscription plans. The company’s announced streaming direction is an eventual unification, but its timing and consumer-facing details remain unspecified in the closing announcement. Likewise, its financial and production goals remain targets or commitments until results can be measured.
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