Paramount Skydance Film has completed its acquisition of Warner Bros. Discovery, giving CEO David Ellison control over a major media empire with significant Hollywood assets. The transaction was announced on October 6.
The merged entity, now named Skydance, has positioned itself as one of the largest competitors in the streaming market to Netflix and YouTube, though it remains smaller than Disney and Amazon in scale.
Ellison pursued the acquisition over several months, making nine offers. The deal faced legal challenges from state attorneys general who sought to block it on antitrust grounds. After negotiations, the parties reached a settlement that included the creation of an Editorial Independence Council to protect CNN’s journalistic independence and a pledge for an additional $1.5 billion in film production over the next five years.
Skydance stated that the merger is necessary to build a stronger competitor against large technology companies.
The United Kingdom approved a $110 billion merger of Paramount and Warner Bros. on August 6, with its Competition and Markets Authority indicating it does not raise competition concerns within the country.
The U.S. Department of Justice also approved the merger on June 13, completing the transaction without requiring asset sales or additional concessions.
