Paramount Has Completed Its Acquisition Of Warner Bros. Discovery

• 6.10.2026, 18:10

For $110 billion.

Paramount has completed its acquisition of Warner Bros., allowing David Ellison , head of Paramount Skydance Corporation , to gain control of a vast media empire that owns many of Hollywood’s most valuable assets. This was reported by The New York Times.

The deal immediately propels the combined company—now called Skydance—to the top spot among competitors such as Netflix and YouTube, second only to giants like Disney and Amazon.

“Today is a historic day not only for Skydance, but for our entire industry. We are very excited to get to work,” Allison said in a statement.

The new company was a hard-won victory for him. Allison won out over rival Netflix for Warner Bros. Discovery after months of bidding, during which he made nine purchase offers. The merger went through despite objections from a coalition of state attorneys general, who filed a lawsuit to block the deal under antitrust laws.

Ultimately, the parties reached an agreement after the attorneys general secured a number of concessions, including the creation of an editorial board to protect CNN’s independence and a pledge by Ellison to spend an additional $1.5 billion on film production over the next five years.

Hundreds of industry insiders have stated that the deal will lead to a sharp increase in corporate influence, resulting in job cuts and further stagnation in Hollywood. Skydance argues that the merger is necessary to create a counterweight to large technology companies.