Paramount closes Warner merger in historic Hollywood deal

Paramount Skydance has finalized its $110 billion acquisition of Warner Bros. Discovery, marking one of the most significant media mergers in history. Following intense competition with Netflix and successfully navigating antitrust challenges, the new entity, dubbed Skydance, merges two of the five largest Hollywood film studios. This consolidation brings together iconic franchises like Harry Potter and Mission Impossible under one roof, along with a roster of major TV networks such as CBS and TNT.

The streaming landscape also sees significant changes with Skydance now operating two major subscription services: Paramount+ and HBO Max. David Ellison, who orchestrated the merger of his Skydance Media film production company with Paramount in August 2025, continues to strengthen his grip on the media industry. He has added Ynon Kreiz, previously from Mattel, as co-chief executive officer, sharing decision-making responsibilities.

Kreiz will handle the day-to-day operations, while Ellison retains the creative vision and maintains relationships with talent.

This historic deal underscores the ongoing consolidation in Hollywood, with Ellison and Kreiz leading Skydance into a new era of media dominance.