The megamerger uniting Paramount Skydance and Warner Bros. Discovery (WBD) is set to conclude this Tuesday, establishing a new entity named Skydance Corp.
This roughly $110 billion transaction combines decades of Hollywood history and a vast portfolio of media properties. As the merger approached, David Zaslav, the outgoing president and chief executive of WBD, extended his farewell to employees in a video message distributed on the company’s internal portal Monday. The video reportedly included a montage of WBD's notable productions, featuring clips from “The Pitt,” “The Lego Movie,” “Barbie,” and “Dune,” according to reports.
Zaslav is expected to depart WBD following the completion of the merger. Taking the helm of the newly formed Skydance Corp. will be Paramount Chairman and CEO David Ellison. Ellison, in a post on X last Friday, highlighted the cultural impact of the combining companies, noting that "Paramount and Warner Bros. shaped over a century of culture." He described Skydance as a "creative-first home for bold, quality storytelling."
Ellison also emphasized that Paramount and Warner Bros. would maintain their distinct studio identities even after the combination. He wrote that the goal was not for the new corporate identity to "diminish, alter or overshadow either one" but rather to provide an umbrella identity that still allows the established brands to remain prominent.
The path to this merger cleared a significant legal hurdle just last week. A federal judge approved a settlement that resolved an antitrust challenge. This challenge had been brought by California and eleven other states, underscoring the scale and market implications of the deal.
Joining Ellison in leading the combined company will be Ynon Kreiz, who became co-CEO of Paramount Skydance on Monday and will serve as co-CEO of the new Skydance Corp. upon closing. Kreiz, formerly CEO of Mattel, is anticipated to manage the day-to-day operations and the integration process of the two massive companies.
The combined media empire will encompass an extensive array of studios and channels. This includes major film studios like Paramount Pictures and Warner Bros. Pictures, as well as television networks such as CBS, CNN, HBO, HBO Max, Paramount+, MTV, TBS, TNT, Comedy Central, Food Network, Discovery, HGTV, Nickelodeon, Cartoon Network, BET, Showtime, and Pluto TV, among other businesses.
The name Skydance itself traces back to the entertainment company that Ellison founded in 2006. This original Skydance Media had previously combined with Paramount in 2025, forming Paramount Skydance, the entity now merging with Warner Bros. Discovery.
