Paramount and Warner Bros. Discovery Complete $110 Billion Merger as Skydance

The $110 billion merger of Paramount and Warner Bros. Discovery officially closes today, October 6, 2026, marking the birth of a new Hollywood titan under the corporate name Skydance. The finalized deal follows a court-approved settlement with 12 states, establishing a massive media entity that will be led by David Ellison as Chairman and CEO.

The merger’s closing date marks a significant shift in executive leadership. While Ellison takes the helm, former Mattel CEO Ynon Kreiz has been appointed Co-CEO, where he will oversee day-to-day operations and the complex integration of the two companies’ vast assets.

The Future of HBO Max and Paramount+

Despite the corporate unification, consumers will not see their favorite streaming services merge into a single application in the immediate future. HBO Max and Paramount+ will likely be bundled but kept as separate streaming services. While the company may offer bundles that allow users to subscribe to both at a discounted rate, the apps themselves will stay independent.

This separation is a direct result of the antitrust settlement reached with state regulators. To secure approval for the $110 billion deal, Skydance agreed to maintain separate studio identities for half a decade.

HBO Max and + will continue to operate as separate platforms for the next five years.

The Executive Leadership Team

Skydance has established a “CEO Leadership Team” (CLT) to manage its diverse portfolio of television, film, and direct-to-consumer (DTC) assets.

The streaming and television divisions will be managed by a mix of veteran talent from both legacy companies:

Casey Bloys will lead the streaming arm as Co-Chair and Chief Creative Officer of Skydance DTC. George Cheeks has been named Co-Chair and Chief Content Officer of Skydance TV. J.B. Perrette will serve as Co-Chair and Chief Business Officer for both Skydance TV and Skydance DTC, bridging the creative and commercial aspects of the television business.

In the film sector, the company is prioritizing stability for its major franchises. James Gunn and Peter Safran will remain as co-chairmen of DC Studios, continuing their long-term roadmap for the superhero brand under the Skydance banner.

and will lead the new executive team from the company's headquarters.

The scale of the new company is expected to have a profound impact on the entertainment landscape, though the full effects of the integration will take years to manifest as the various studio units navigate their court-mandated independence. For now, the focus remains on stabilizing the $110 billion portfolio while maintaining the distinct editorial voices of major properties like CNN, CBS News, and the various production houses under the Skydance umbrella.

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