Paramount closes Warner merger in historic Hollywood deal

Paramount Skydance finalized the acquisition of Warner Bros. Discovery for $110 billion on Tuesday, concluding a contentious merger with one of the largest in media history. This deal, which followed intense competition from Netflix and defense from antitrust lawsuits, unites two of the five biggest Hollywood film studios under one roof.

The newly formed entity, Skydance, will oversee iconic franchises like Harry Potter and Mission Impossible, along with managing a host of television networks ranging from CBS to TNT. Additionally, it will operate two prominent streaming platforms, Paramount+ and HBO Max.

David Ellison, who concluded the merger of his Skydance Media film production company with Paramount in August 2025, has continued to tighten his grip on the media industry, positioning himself among Hollywood's most influential figures. To further strengthen his leadership, he brought aboard Ynon Kreiz from Mattel to serve as co-chief executive officer. Kreiz will be responsible for the day-to-day operations of Skydance, while Ellison retains the creative vision and handles relationships with key talent.

The consolidation marks a significant shift in the Hollywood landscape, as Ellison and Kreiz work together to steer the new media giant toward future success.