One of the largest media mergers in Hollywood history is officially complete. Paramount Skydance completed its acquisition of Warner Bros. Discovery Tuesday morning, bringing the two legendary Hollywood studios together under a single corporate parent now known simply as Skydance.
The transaction closed before the market opened on October 6, exactly as Paramount and Warner Bros. Discovery announced last week. Nasdaq subsequently confirmed that the merger had closed, with Warner Bros. Discovery shares halted following Monday’s after-hours trading session.
The combined transaction has been valued at approximately $110 billion when debt is included.
David Ellison Celebrates the Closing
Skydance chairman and CEO David Ellison marked the completion of the deal Tuesday morning with a brief statement on social media.
“Today is a new day for @Skydance, and I’m incredibly grateful to everyone who helped get us here. It’s a big day, and we’re just getting started. Let’s go!”
Today is a new day for @Skydance, and I’m incredibly grateful to everyone who helped get us here. It’s a big day, and we’re just getting started. Let’s go! https://t.co/89jxDrzVGU https://t.co/e6P28HkRto
— David Ellison (@davidellison) October 6, 2026
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The closing gives Ellison control over an extraordinary collection of entertainment assets and intellectual property.
Under the Skydance umbrella now sit Paramount Pictures, Warner Bros. Pictures, DC Studios, HBO, CNN, CBS, Paramount+, HBO Max, and numerous cable networks alongside franchises including Harry Potter, DC, Game of Thrones, Mission: Impossible, Top Gun, Star Trek, and The Lord of the Rings.
Reuters reported Tuesday that shares of the newly combined company will trade on the New York Stock Exchange under the ticker SKYD.
Months of Opposition Fail to Stop the Merger
The closing brings an end to months of uncertainty surrounding the transaction.
The merger faced opposition from Hollywood unions, state attorneys general, and numerous celebrities who argued that combining two of Hollywood’s largest studios could reduce competition and eliminate entertainment industry jobs.
Those efforts ultimately failed to prevent the transaction.
California Attorney General Rob Bonta – YouTube, KCRA 3
The Department of Justice closed its investigation in June, determining that the transaction was not likely to harm competition or American consumers.
A separate lawsuit from a coalition of states was eventually settled, with the agreement receiving court approval last week. Among other concessions, Skydance committed to maintaining a substantial theatrical slate and increasing domestic film production.
An eleventh-hour attempt to prevent the transaction from closing with the Supreme Court also failed, clearing the final obstacle ahead of Tuesday morning’s completion.
A New Hollywood Giant Begins Operations
Ellison had already begun putting his leadership structure into place ahead of the closing.
Former Mattel CEO Ynon Kreiz was named co-CEO, while several Warner Bros. Discovery executives are departing as control shifts to Skydance.
The closing now moves the story into its next—and arguably much more important—phase.
David Ellison talks to Bloomberg – YouTube, Bloomberg Podcasts
Paramount and Warner Bros. are no longer companies waiting for a merger to happen. They are divisions of the same entertainment giant, and Ellison must now begin the enormous task of integrating their studios, streaming businesses, television operations, and corporate infrastructure.
After months of lawsuits, protests, regulatory reviews, and speculation, the Paramount-Warner Bros. merger is no longer theoretical.
The Skydance era has officially begun.
How do you feel about the Skydance merger between Paramount and Warner Bros. finally going through? Sound off and let us know!
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