Paramount and Warner Bros. Discovery merger to create Skydance

### Paramount and Warner Bros. to Become Skydance After $110 Billion Merger

Paramount CEO David Ellison has announced that the combined company created by Paramount’s merger with Warner Bros. Discovery will operate under the name Skydance once the transaction closes, expected on October 6.

The roughly $110 billion deal will bring together two of Hollywood’s major studios, their streaming platforms Paramount+ and HBO Max, and a broad portfolio of television networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network. The combined company will also control major entertainment franchises such as *The Lord of the Rings*, *Game of Thrones*, the DC Universe and *Yellowstone*.

Ellison said the decision to use the Skydance name is intended to create a distinct corporate identity while preserving Paramount and Warner Bros. as recognizable brands.

“Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations,” Ellison wrote, explaining that the new name would allow the individual studios and their brands to remain prominent.

The Skydance name comes from the film production company Ellison founded in 2006. Skydance later merged with Paramount Global in 2025, creating the company now known as Paramount Skydance.

The latest transaction represents another major step in Ellison’s strategy to expand Skydance’s position in the entertainment industry. The proposed combination with Warner Bros. Discovery would create a substantially larger media company spanning film, television, streaming and other entertainment businesses.

The merger followed months of corporate and regulatory negotiations. California and 11 other states had challenged the transaction in federal court, arguing that the combination could increase the merged company's ability to raise prices and further consolidate the U.S. film and television industry.

A federal judge subsequently approved Paramount’s settlement with the states, clearing the major legal obstacle to completing the transaction. The merger is now expected to close on October 6.

The combined company will be led by Ellison alongside Ynon Kreiz, the outgoing Mattel chairman and CEO. Kreiz is scheduled to join Paramount on October 5 and become co-CEO when the Warner Bros. Discovery transaction closes.

Ellison will remain chairman and CEO and focus on long-term strategy, creative direction, technology, talent relationships, strategic partnerships and capital allocation. Kreiz will oversee day-to-day operations and the integration of Paramount and Warner Bros. Discovery.

The two executives will jointly oversee the businesses of the combined company, with the leadership structure designed to divide strategic and creative responsibilities from operational management.

Kreiz brings more than three decades of experience in media, entertainment and international business. He has led Mattel since 2018 and played a central role in transforming the company around intellectual property and entertainment brands.

The new Skydance will inherit an extensive collection of entertainment properties from both companies. Its portfolio will include film and television brands spanning Warner Bros., HBO, Paramount, CBS, DC, Nickelodeon and other major franchises.

The combination will also unite Paramount+ and HBO Max under the same corporate umbrella, giving the new company a larger streaming portfolio as traditional media companies continue to compete for subscribers and advertising revenue.

Ellison said the goal is to preserve what has made Paramount and Warner Bros. distinctive while giving both studios access to the greater scale and resources of the combined company.

The transaction marks one of the largest consolidations in the U.S. entertainment industry and comes as traditional media companies attempt to adapt to changing viewing habits, streaming competition and rising content costs.

Once the transaction closes, the corporate entity will officially adopt the Skydance name, while Paramount and Warner Bros. will continue to serve as prominent entertainment brands within the broader organization.