Paramount Skydance completed its acquisition of Warner Bros. Discovery (WBD) on October 6, 2026. The combined company is named Skydance and trades on the New York Stock Exchange under the ticker “SKYD,” according to the company’s announcement and an SEC Form 8-K filed that day. CNBC puts the deal’s enterprise value at an estimated $110 billion.
The terms
WBD shareholders received cash of $31.01666668 per share. The $31 per share figure is the price agreed in the deal. The company said the deal closed after all required regulatory approvals and that WBD shares stopped trading on Nasdaq on October 6. It also said the deal included $47 billion of new equity investment in Class B stock, priced at $12 per share, led by the Ellison family, RedBird, Public Investment Fund, L’IMAD, Qatar Investment Authority and LionTree. Bank of America, Citigroup and Apollo led the debt financing.
What Skydance says it will do
The company said it brings together two major film studios, two streaming services, CBS, HBO, the cable networks of both companies, CBS News, CNN, and sports from CBS Sports and TNT Sports. It is organized into three segments: Studios, Direct-to-Consumer and TV Media. The company stated a commitment to release at least 30 theatrical films a year, each with a minimum 45-day theatrical window, and said it has more than 180 television shows. It said its streaming products will “unify into a single service over time.” These are company statements and goals.
Skydance said it is targeting more than $6 billion in run-rate synergies over three years, mainly from technology, integration and procurement, marketing and real estate. It also expects more than $10 billion in free cash flow by 2030 and a net leverage target of 3.0x by the end of 2029. These are forward-looking targets, not results.
Who leads it
David Ellison is chairman and CEO. Ynon Kreiz is co-CEO. On October 5, the company named its leadership team, including Bari Weiss and Mark Thompson over CBS News and CNN, respectively, and Casey Bloys, George Cheeks and JB Perrette over streaming and TV, according to CNBC.
How the deal got done
Paramount Skydance agreed to buy WBD on February 27, 2026, at $31 per share in cash, after Netflix declined to match that price for Warner Bros. assets. WBD shareholders approved it on April 23, and the Department of Justice cleared it on June 12. A group of state attorneys general led by California’s Rob Bonta sued to block it on July 13, and the sides settled on September 21, according to CNBC.
What is not known
The company’s release did not give the timing or pricing of the single streaming service. The synergy, cash flow and leverage figures are the company’s own targets, and the $110 billion enterprise value is CNBC’s estimate.
Sources: Skydance press release, October 6, 2026, SEC Form 8-K, October 6, 2026 and CNBC, October 6, 2026.
