Skydance Corporation completed its acquisition of Warner Bros. Discovery on October 6, 2026. The combined company is named Skydance, and Warner Bros. Discovery remains a wholly owned subsidiary. The headline figure of roughly $110 billion refers to the transaction’s debt-inclusive value—not the acquisition price excluding debt, which the Associated Press reported as $81 billion.
What closed—and why the company is called Skydance
A filing with the U.S. Securities and Exchange Commission says Skydance Corporation, formerly Paramount Skydance Corporation, completed the acquisition under a merger agreement dated February 27, 2026. Skydance said required regulatory approvals had been received and customary closing conditions satisfied. Warner Bros. Discovery survived the merger as a wholly owned subsidiary; the combined parent company is Skydance.
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At closing, Skydance shares began trading on the New York Stock Exchange under the ticker SKYD, according to the company. The Associated Press reported that David Ellison and co-CEO Ynon Kreiz lead the combined company.
Why reports cite both $81 billion and nearly $111 billion
The figures describe different measures of the transaction. The Associated Press reported an $81 billion acquisition price excluding debt and a value of nearly $111 billion including billions of dollars in debt. It described the debt-inclusive value in coverage based on outstanding shares. Calling the deal “$110 billion” without saying debt is included can make it sound like that was the cash purchase price.
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| Figure | What it describes | Source and qualification |
|---|---|---|
| $81 billion | Acquisition price excluding debt | Associated Press, 2026 |
| Nearly $111 billion | Transaction value including debt | Associated Press, 2026; described in its court-settlement coverage as based on outstanding shares |
| $31 per share | Paramount’s final offer to acquire all of Warner | Associated Press, 2026 |
How Paramount won the contest for Warner
The acquisition followed a roughly yearlong contest, according to the Associated Press. Warner initially reached a studio and streaming agreement with Netflix in December 2025. Paramount later made a hostile counterbid and eventually raised its offer to acquire all of Warner to $31 per share. Netflix withdrew, and Warner and Paramount signed a mutual merger agreement in late February 2026.
What the combined company now owns
Skydance’s closing announcement describes a portfolio spanning two major film studios, two global streaming services, television properties including CBS and HBO, cable networks, CBS News and CNN, live sports, and a broad content library. The Associated Press identifies HBO Max and Paramount+ as the streaming services and names franchises including Star Trek, Barbie, Top Gun, Harry Potter, and Superman.
That is a change in corporate ownership, not proof that viewers will immediately see a new service or package. The company announcement and Associated Press coverage establish that HBO Max and Paramount+ are in the same corporate portfolio; they do not establish that the services have merged into one app, launched a new bundle, or changed prices.
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What the company says it plans to do
Skydance announced commitments to produce 30 films per year and more than 180 television shows and series. These are company-announced output commitments, not independently verified future deliveries. The company also set a target of $6 billion in run-rate synergies within three years; that is a target, not a realized saving.
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In the closing announcement, chairman and CEO David Ellison framed the strategy around storytelling, saying the combined company would bring creative visions to audiences in more than 200 countries and territories and create greater opportunities for entertainment workers. That is the company’s positioning, not an independent finding about the effects of the merger.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the merger drew scrutiny and litigation
The Justice Department’s review
On June 12, 2026, the Justice Department’s Antitrust Division said it had completed an eight-month review and concluded the proposed transaction was not likely to harm competition or American consumers in streaming video on demand, linear television, or theatrical film development, production, or distribution. The division said it reviewed more than two million documents from more than 80 custodians. This was DOJ’s conclusion about the specified markets, not an uncontested consensus about the merger.
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The states’ challenge and settlement
In July 2026, attorneys general from 12 states sued to block the deal, alleging it would reduce competition and consumer choice. A federal judge later approved a settlement with Paramount. The Associated Press reported that the settlement included commitments to increase U.S. film production over five years, support displaced workers, and establish editorial monitoring for CNN and CBS.
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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →The worker-support commitment is $47.5 million over five years, or $9.5 million per year, according to the Associated Press. The settlement also calls for a five-member News Editorial Independence Board made up of active or retired journalists with at least 10 years’ experience. The combined company’s board is to appoint the members, who report to it and serve three-year terms; the board is to be formed within 180 days of closing. These are settlement requirements, not evidence that the promised support has already been delivered or that editorial independence has been achieved in practice.
The settlement’s sufficiency remained disputed. The Associated Press reported that critics considered the remedies too weak; Colorado and Washington did not sign off on the editorial-board terms, and Connecticut’s attorney general had sought full divestiture of CNN and CBS. The AP also quoted Judge Araceli Martínez-Olguín describing the proposed consent decree as a “fair, reasonable, and good faith approach to address the competitive harms” alleged by the states. That characterization of the decree does not resolve the broader disagreement over the merger’s effects.
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