Skydance Is Born as Paramount-Warner Bros. Merger Closes

Hollywood just got its biggest shake-up in decades. The roughly $110 billion merger between Paramount Skydance and Warner Bros. Discovery is closing today, October 6 — and the combined entertainment giant will operate under a single new corporate name: Skydance. The deal brings Paramount+, HBO Max, CBS, CNN, HBO, and two of the most storied movie studios on earth under one roof, instantly creating one of the largest media companies in the world.

The rebrand was unveiled by Paramount Skydance chairman and CEO David Ellison, who opted to keep the name of the production company he founded two decades ago — the studio behind Top Gun and Mission: Impossible — as the corporate identity for the whole empire. Paramount and Warner Bros. will continue as distinct studio brands beneath the parent company, alongside HBO, HBO Max, CBS, CNN, MTV, and Discovery. The company's Class B shares will move from the Nasdaq to the New York Stock Exchange under the new ticker SKYD when the transaction closes.

Who is running the new empire

The leadership structure is a two-person CEO setup. David Ellison will remain chairman and CEO, focusing on long-term strategy, creative direction, technology, talent relationships, and capital allocation. Former Mattel chairman and CEO Ynon Kreiz will serve as co-CEO, overseeing day-to-day operations and the integration of the two companies. Kreiz's appointment takes effect at closing.

Below them, the executive team reads like an all-star draft of Hollywood talent, according to reports on the leadership announcement. Casey Bloys becomes co-chair and chief content officer of Skydance DTC, overseeing original programming for HBO Max and Paramount+ as well as streaming strategy and operations. George Cheeks takes the same co-chair and chief content officer role for Skydance TV, covering Warner Bros. Television Studios, CBS Studios, Paramount Television Studios, CBS, sports operations, and more than 50 cable networks and brands. JB Perrette moves over from Warner Bros. Discovery as co-chair and chief business officer of both divisions, handling global distribution, advertising sales, and direct-to-consumer strategy.

On the film side, Dana Goldberg and Josh Greenstein will jointly oversee the Skydance Motion Picture Group as co-chairs — and in a detail comic-book fans will appreciate, James Gunn and Peter Safran will remain in charge of DC Studios, home of Superman, Batman, and the rest of the DC universe.

What the deal actually includes

The numbers are staggering. Including debt, the transaction is valued at roughly $110 billion, making it one of the largest media deals in recent years. Together, Paramount+ and HBO Max will have more than 200 million subscribers. The combined company inherits franchises including Harry Potter, The Lord of the Rings, Game of Thrones, DC, Yellowstone, Mission: Impossible, Top Gun, and the entire Nickelodeon portfolio — basically a tour of your childhood screen time.

But the empire comes with a mortgage. The combined entity will carry estimated net debt of more than $80 billion, with annual interest payments expected to exceed $6 billion. Executives have said they aim to achieve $6 billion in cost savings through the merger — corporate speak that usually means layoffs and restructuring somewhere down the line. The deal also cleared its final legal hurdle on September 30, when a federal judge approved a settlement resolving an antitrust lawsuit brought by 12 state attorneys general; that settlement requires at least $300 million in additional annual U.S. film production spending.

Why it matters for what you watch

For Gen Z viewers, this is about the streaming services and channels you actually use. Two of the biggest streaming platforms are now siblings, and consolidation on this scale almost always reshapes pricing, bundling, and what shows get made. The DC Studios news is a signal of continuity for superhero fans: Gunn and Safran staying put means the DC universe reboot stays on track. And the $300 million production commitment from the settlement could mean more U.S.-made films and shows — at least in the near term.

"As we bring Paramount and Warner Bros. together, we wanted to preserve what has made each of these studios iconic," Ellison told employees, explaining that the Skydance name gives the combined business its own identity without diminishing either legacy brand. "Paramount and Warner Bros. shaped over a century of culture," he added, framing the move as a way to build a shared future. Read the full breakdown of the Skydance merger for details on the closing and leadership structure.