Paramount Skydance completed its acquisition of Warner Bros. Discovery on October 6, 2026, forming the media company Skydance. The merger brings together the Paramount and Warner Bros. studios, alongside streaming services and the CNN and CBS news operations.

The reported transaction value differs between $110 billion and $111 billion. Skydance said its streaming services would eventually become a single service, while CNN and CBS would operate independently.

Leadership and streaming plans

David Ellison remains Skydance’s chairman and chief executive, focusing on strategy and technology. He named Ynon Kreiz, the outgoing chief executive of toy company Mattel, as co-chief executive. Kreiz will oversee daily operations, including integrating the businesses.

Casey Bloys, who has led HBO and its streaming content, will become co-chair and chief content officer for direct-to-consumer content. Skydance said its plan to unify streaming services includes HBO Max, Paramount+ and Discovery+. The combined service’s launch date, name, pricing and precise operating model have not been announced.

Mark Thompson will remain chairman and editor-in-chief of CNN Worldwide. Bari Weiss will remain editor-in-chief of CBS News. Skydance said it would establish an Editorial Independence Board for both news organizations.

Settlement sets film production requirements

The takeover followed a legal challenge by about a dozen U.S. states, led by California. They argued that the deal could reduce competition, raise consumer prices and harm movie theaters, cable distributors and audiences. A September settlement with Paramount and Ellison cleared a path for the merger.

Under that agreement, Paramount must release at least 30 films each year. If it misses the annual quota, it must sell its 49% stake in Miramax, the film company.

At least 20% of film production must take place in the United States during the first two years. That requirement rises to more than 30% for the following three years.

The European Commission conditionally approved the merger in July. Paramount committed to selling its interests in United International Pictures and stopping distribution of Universal films in Europe for ten years.

Poland will review the change in TVN ownership

The acquisition also indirectly changes ownership of TVN S.A., a Polish television broadcaster previously part of Warner Bros. Discovery. Poland’s Ministry of State Assets said the change falls under the country’s investment-control law. TVN has been on Poland’s list of protected companies since December 2024.

The new owner must submit a notice after the transaction, triggering an administrative review. The minister then has 90 days from receipt of the documents to assess its impact on national security and public order. If the decision is negative, the minister may order the sale of TVN shares.