Paramount Skydance completed its acquisition of Warner Bros. Discovery on October 6, 2026. The combined parent is Skydance Corporation, and its Class B shares trade on the New York Stock Exchange as SKYD. Warner Bros. Discovery remains in place as a wholly owned subsidiary; the deal does not, by itself, mean Paramount+ and HBO Max have merged.
What happened in the Paramount–Warner Bros. Discovery merger?
The transaction closed on October 6, 2026, after regulatory approvals and customary closing conditions were met. The merger subsidiary merged into Warner Bros. Discovery (WBD), with WBD surviving as a wholly owned subsidiary of Skydance Corporation, the new parent. Skydance announced the closing, and its October 6 SEC filing described the transaction’s completion.
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Skydance Class B common stock moved from Nasdaq to the NYSE and changed its ticker from PSKY to SKYD. WBD shares ceased trading on Nasdaq effective on the closing date. For investors, the practical distinction is that SKYD is the listed parent’s ticker; WBD is now a subsidiary rather than a separately traded company.
How the reported deal values differ
The published figures use different descriptions and should not be treated as interchangeable valuations:
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| Figure | What it describes | Source and date |
|---|---|---|
| $31.01666668 per WBD share | Cash received by WBD shareholders, according to the closing announcement. | Skydance closing announcement, October 6, 2026. |
| Approximately $78 billion | Aggregate merger consideration payable, funded through equity and debt. | Skydance SEC Form 8-K, filed October 6, 2026. |
| $81 billion, excluding debt | Associated Press’s description of the takeover value. | Associated Press, October 7, 2026. |
The sources describe different measures; the per-share cash payment, aggregate consideration and AP’s takeover-value description are not a single like-for-like figure.
What does the combined company own?
The parent now brings together two major film studios, Paramount+ and HBO Max, broadcast and cable networks, news operations, sports assets and extensive programming libraries. Its portfolio includes CBS and HBO; Paramount and WBD cable networks; CBS News and CNN; and CBS Sports and TNT Sports. The two streaming services are under the same parent, but the closing announcement did not say they had become one service.
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Studios and franchises
The libraries span properties including Star Trek, Barbie, Top Gun, Harry Potter and Superman, alongside the companies’ broader film and television catalogs. These are entertainment franchises, not a confirmation of any particular game publisher, game studio or game rights arrangement. The closing materials and Associated Press coverage cited here do not establish changes to game development, licensing, releases or catalogs.
What the deal means for Paramount+ and HBO Max
Paramount+ and HBO Max are both part of the portfolio, but no merger, shared subscription, combined catalog or integration timetable was announced in the cited closing materials. Until the companies announce otherwise, treat them as separate services; future bundling, pricing, availability and programming changes remain unconfirmed.
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What operating conditions came with the deal?
A September 2026 consent decree resolved the plaintiff states’ lawsuit and modified the order that had barred closing. Its commitments run for five years. The film-release rules apply to U.S. theatrical releases and set annual floors, not a guaranteed slate of named films:
| Commitment years | Minimum films released annually in the U.S. | Minimum wide releases annually |
|---|---|---|
| Years 1–2 | 30 | 20 |
| Years 3–5 | 32 | 21 |
The consent decree defines a wide release as at least 2,000 screens. At least four films each year must be independent, and at least half of the films counted toward the annual minimum must be produced or jointly produced by the combined company. The decree also includes minimum budget and screen-release provisions for a share of the annual slate; the disclosure summarized here does not state their specific amounts.
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Theatrical and streaming windows
Films counted under the decree must have at least a 45-day theatrical window. They cannot be marketed as available on premium video-on-demand or subscription streaming before day 30, and they cannot become available on a subscription streaming service until at least 90 days after their initial U.S. theatrical exhibition.
Cable negotiations, news independence and free streaming
- Basic cable: The company must negotiate affiliation agreements separately for the two former channel portfolios. It cannot condition one portfolio’s terms on the other or use confidential affiliate-fee data across the portfolios.
- CBS News and CNN: Within 180 days after closing, the company must establish a five-member News Editorial Independence Board made up of established journalists. The decree assigns the board a role in specified disputes and principles involving the two news organizations.
- Free ad-supported service: The company must maintain Pluto TV, or a substantially equivalent replacement, at or above the decree’s service and quality levels.
What has Skydance said it wants to achieve?
Skydance’s closing announcement set a target of at least $6 billion in run-rate synergies within three years. That is a forward-looking management target, not a report of savings already realized. David Ellison, Skydance’s CEO, called the closing “a historic day, not just for Skydance but for our entire industry,” and said, “We couldn’t be more excited to get to work,” according to the Associated Press’s October 6 coverage.
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The Associated Press reported that Skydance said the combined company would have nearly $70 billion in annual revenue. Separately, AP attributed an estimated net debt of around $80 billion to Morningstar. These are respectively the company’s reported revenue estimate and an outside estimate of net debt—not audited post-close results established here for a reporting period.
What remains uncertain for viewers and the games business?
The merger establishes common ownership, but the available closing information does not establish what that will mean for subscription prices, programming, employment, news coverage or service bundling. For video-game readers, it likewise does not confirm any changes to game studios, licensed properties, development plans or release schedules. Those outcomes depend on later decisions and announcements; the decree’s operating requirements are the concrete commitments stated at closing.
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