Paramount and Warner Bros. Discovery Set to Become Skydance

The Big Picture

Paramount and Warner Bros. Discovery are expected to take the corporate name Skydance when their roughly $110 billion transaction closes Tuesday, Oct. 6, creating one of Hollywood's largest combined entertainment companies.

David Ellison, Paramount's chief executive, announced the name on Oct. 2. The new company is expected to bring major studios, streaming services, news organizations and cable networks under one corporate structure, including Paramount+, HBO Max, CBS, CNN, MTV, TBS, Comedy Central and Food Network.

Ellison said the Paramount and Warner Bros. names will continue as distinct studios, rather than being replaced by the Skydance identity. CNBC reported that the combined company will trade under the ticker symbol SKYD.

What Happened

Ellison said Skydance, the name of his original film production company, would become the corporate identity for the combined business once the deal closes. TechCrunch and The Verge reported that the transaction is expected to close Oct. 6.

“Paramount and Warner Bros. shaped over a century of culture,” Ellison wrote in a social media post cited by CNBC. “Together, we are Skydance: a creative-first home for bold, quality storytelling.”

He also said the new name was designed to give the combined company its own identity without eclipsing its best-known studio brands. “We never wanted a new corporate identity to diminish, alter or overshadow either one,” Ellison wrote.

Why It Matters

The transaction combines two major Hollywood studios and expands the company's collection of film and television franchises. TechCrunch reported that the combined business will control franchises including The Lord of the Rings, Game of Thrones, the DC Universe and Yellowstone.

The deal also places CNN and CBS News under the same corporate owner. That prospect prompted questions about how the news operations would be managed. The Verge reported that, under a settlement with 12 states, Skydance must establish a news editorial independence board.

CNN chief executive Mark Thompson will remain in charge of the network after the transaction closes, according to The Verge. Thompson said in a memo to employees, as reported by The New York Times and cited by The Verge, that he believes the combined company will support independent news at CNN.

What Happens Next

Ellison is set to lead Skydance alongside Ynon Kreiz, the former head of Mattel. Kreiz, known for helping bring the 2023 film Barbie to theaters, will become co-chief executive when the transaction closes, CNBC reported.

According to CNBC, Ellison will focus on long-term strategy, creative vision, technology and capital allocation. Kreiz will handle day-to-day management and integration of the combined businesses.

The Verge reported that HBO chief executive Casey Bloys will become chief content officer for Skydance's streaming business. Josh Greenstein and Dana Goldberg are set to lead the film studios, while George Cheeks will lead the television business.

The closing would cap a rapid series of major transactions for Ellison. CNBC reported that he completed an approximately $8 billion acquisition of Paramount in August 2025, then began pursuing Warner Bros. Discovery about a month later. TechCrunch reported that Netflix had previously agreed to acquire Warner Bros.' streaming and studio businesses before the wider Paramount transaction moved forward.