Paramount and Warner Bros. Discovery have officially merged in a deal valued at $111 billion.
After a bidding war between Netflix and Paramount began last year, Netflix ultimately dropped out in early 2026 and an approval process has since been taking place among shareholders and legislators.
The merger was temporarily halted this summer after a coalition of 12 US states argued the deal would violate federal antitrust law, but less than three months later the deal has been completed. Paramount and Warner Bros. Discovery have joined as Skydance Corp., set to be led by chairman and CEO David Ellison.
As reported by Variety, the merger between television giants brings together networks like CBS, CNN, MTV, Comedy Central and TBS, as well as streaming services HBO Max and Paramount+. Warner Bros.
Discovery also has a games division, with studios including Rocksteady, NetherRealm, TT Games, Avalanche Software and WB Games Montreal. Famous IPs, meanwhile, include Game of Thrones, DC, The Wizard of Oz and Harry Potter.
Annual revenue at the new Skydance is projected to reach almost $70bn, according to the company itself, although net debt does now total $80bn. Under terms of the deal, Warner Bros. Discovery shareholders received cash equal to approximately $31 per share. Shares have ceased trading as of today, meanwhile Skydance Class B shares have just begun trading on the New York Stock Exchange.
"From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources and reach to tell great stories in every genre, on every platform, for audiences everywhere.
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