Paramount–Warner Deal Creates Skydance

Paramount has closed its acquisition of Warner Bros. Discovery, officially creating a single entertainment company named Skydance. The transaction closed on October 6, 2026, marking the combination of two major Hollywood studios into one listed group. Skydance will trade on the public markets under the ticker symbol SKYD.

The completion of the deal follows the parties’ satisfaction of regulatory conditions and the resolution of remaining legal obstacles. With the closing now effective, the focus shifts from approvals to integrating the businesses and executing operating plans under the new corporate structure.

At closing, Warner Bros. Discovery shareholders received cash consideration of $31.00 per share. Some reports describe the payout as approximately $31.02 per share when accrued daily payments are included, with one figure given as $31.01666668. These amounts reflect the cash component delivered to legacy Warner Bros. Discovery investors as part of the merger.

This cash settlement crystallizes value for Warner Bros. Discovery shareholders and finalizes their transition into the new ownership framework under Skydance. The deal terms emphasize cash rather than stock in the combined company for those holders.

The merger is backed by a substantial new capital package. Roughly $47 billion of new equity investment supports the transaction, led by the Ellison family and RedBird, alongside the Public Investment Fund, L'IMAD, the Qatar Investment Authority and LionTree. This equity base underpins the balance sheet of the newly formed Skydance.

In addition to the equity financing, the combined company is expected to carry about $80 billion of debt. Debt financing is led by Bank of America (BAC), Citigroup (C) and Apollo (APO), reflecting significant credit market participation. The resulting capital structure combines large-scale equity commitments with considerable leverage as Skydance begins operations.

Skydance’s leadership framework was largely set out shortly before closing. David Ellison serves as chairman and chief executive of the combined company, with Ynon Kreiz appointed co‑chief executive. Their roles position them at the center of strategic and operational decisions as the integration proceeds.

On October 5, 2026, the company announced a broader senior team to run key content and news operations. Bari Weiss and Mark Thompson were named to lead news, while Casey Bloys, George Cheeks and JB Perrette were appointed as content heads overseeing the streaming and TV businesses. CBS Sports chief David Berson is slated to take over Skydance’s global sports group, rounding out leadership across major programming areas.