Combined company takes the Skydance name
Summary
– Paramount completed its Warner Bros Discovery acquisition on October 6 under the Skydance name
– The combined business brings together major studios, streaming services, news networks, and sports assets
– Skydance plans to unite its streaming platforms over time
Paramount has completed its acquisition of Warner Bros. Discovery, bringing the two entertainment businesses together under the Skydance name. The company announced the closing on October 6 after receiving the required regulatory approvals.
The deal combines Paramount and Warner Bros.’ film studios with streaming services Paramount+ and HBO Max. CBS, HBO, CNN, CBS News, and the companies’ cable networks also become part of the combined portfolio.
Sports assets include CBS Sports and TNT Sports. The announcement outlines the broader corporate structure without detailing changes to individual wrestling programming or broadcast agreements.
Skydance says its streaming services will eventually become a single platform. The release does not provide a launch date for that combined service.
The company also outlined plans for at least 30 theatrical films annually and more than 180 television shows and series. Those commitments sit alongside a target of more than $6 billion in annual cost savings and other combination benefits within three years.
Warner Bros. Discovery shares have ceased trading on Nasdaq. Skydance Class B shares begin trading on the New York Stock Exchange under the symbol SKYD, while WBD shareholders receive approximately $31.02 in cash per share.
David Ellison described the closing as a milestone in bringing the studios together. He said the company’s attention now turns to supporting creative talent, serving audiences, and building the combined business.
The acquisition settles the ownership question. Decisions about integrating the streaming services, networks, and programming portfolios will follow as Skydance puts its plans into operation.
