Paramount and Warner Bros. Discovery to Become Skydance

Paramount Skydance CEO David Ellison has confirmed that the combined company created through the merger with Warner Bros. Discovery will be called Skydance. The transaction, valued at roughly $110 billion, is expected to close on October 6, 2026, subject to the remaining closing conditions. Ellison said the decision to use the Skydance name is intended to give the merged company its own corporate identity while allowing the Paramount and Warner Bros. brands to remain prominent.

The merger will bring together two major Hollywood entertainment operations and a huge collection of film, television and streaming assets. The combined company will include Paramount+, HBO Max and networks such as CBS, CNN, MTV, Nickelodeon, Comedy Central and Food Network. It will also control major entertainment franchises including the DC Universe, Harry Potter, Game of Thrones and Yellowstone.

David Ellison is set to become chairman and CEO of the new Skydance, while Ynon Kreiz, the outgoing Mattel CEO, will serve as co-CEO with responsibility for day-to-day operations and integration. Paramount has already announced a leadership team that combines executives from both businesses, including Casey Bloys as chief content officer for the direct-to-consumer division and George Cheeks as a co-leader of the television business.

The transaction is expected to significantly reshape the US media industry at a time when traditional television businesses are under pressure from streaming services and changing consumer habits. The combined company will have greater scale across film studios, television networks and streaming platforms, but it will also inherit substantial financial obligations. The merged business is expected to carry roughly $80 billion in debt and is targeting approximately $6 billion in cost savings.

The corporate transition will also bring changes for investors. Paramount Skydance plans to move its Class B shares from Nasdaq to the New York Stock Exchange on October 6 and change its ticker symbol from PSKY to SKYD, alongside the planned change of the corporate name to Skydance Corporation. The new company will then face the challenge of integrating two enormous media businesses while maintaining their valuable brands and competing more aggressively in the global streaming market.