Paramount Completes Warner Bros. Discovery Takeover as Skydance Sets Integration Plans

The transaction was an acquisition of Warner Bros. Discovery by Skydance-owned Paramount. Its completion brings two historic Hollywood studios into the same company, now called Skydance, according to Sky News and Fast Company.

The scope extends well beyond movies. CNBC International reported that Skydance includes two film studios, CBS, a broad pay television portfolio and streaming services Paramount+ and HBO Max. CNN also has a new owner, The Independent reported.

The deal's value is not consistently stated in the coverage. Sky News reported $81 billion, Forbes described a $110 billion transaction, and Internazionale cited a $111 billion figure. The supplied reports do not explain the difference.

On October 6, Paramount completed the takeover and the combined company began trading on Wall Street, according to Al Jazeera. The Next Web subsequently reported that its shares trade on the New York Stock Exchange under SKYD.

Leadership changes began immediately. On October 6, The Hollywood Reporter reported that Bobby Kotick and Laurene Powell Jobs were joining Skydance's board. Variety Movies, citing sources, reported that Josh Goldstine would oversee marketing and distribution across Warner Bros., Paramount Pictures and all Skydance film labels.

On October 7, newly appointed Motion Picture Group co-chairs Dana Goldberg and Josh Greenstein outlined their studio plans. They pledged that Paramount and Warner Bros. would each build and release their own films, according to Variety Movies.

The streaming plan became clearer that day. David Ellison reiterated his intention to combine HBO Max and Paramount+, although building the required technology would take time, The Hollywood Reporter reported. Separately, Times of India reported that an employee memo warned of upcoming layoffs tied to integration efforts. Forbes reported that Skydance shares fell 8% the day after their debut.

On October 8, Skydance announced further appointments: Jay Askinasi to lead advertising sales, David Decker to lead content sales and Ray Hopkins as distribution chief, according to Variety Movies. The Wrap TV also reported that Turner Classic Movies would sit within the Skydance Motion Picture Group.

On October 9, The Hollywood Reporter reported that Warner Bros. Int'l President Gerhard Zeiler would depart. In an internal memo obtained by the outlet, he said he would leave at the end of the following week.

The acquisition is complete, but the operating overhaul is still taking shape. The announced film structure preserves separate production and release responsibilities for Paramount and Warner Bros., while placing sales and distribution functions under newly named leaders, according to Variety Movies and Variety Movies.

For subscribers, the clearest direction is toward a combined streaming service rather than permanently separate platforms. Ars Technica reported that HBO Max, Paramount+ and Discovery+ would unify into one service. The supplied coverage does not establish a launch date or subscription price.

The merger also puts CNN and CBS News under one roof, Al Jazeera reported. In subsequent coverage, Al Jazeera described concerns about editorial independence linked to the chairman's family ties to Trump and Israel. Those are concerns about the new ownership, not evidence in the supplied coverage of specific editorial changes.

The next practical tests are the streaming timetable and the scale of job cuts. The Hollywood Reporter reported that the technology needed to combine services will take time, while Times of India reported the layoff warning. The supplied coverage gives neither a firm service launch date nor a number of affected jobs.

The studio pledge also remains a commitment to test against future decisions: whether Paramount and Warner Bros. continue to build and release their own films as promised. Zeiler's announced departure adds another near-term leadership transition, according to The Hollywood Reporter.