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Skydance Corporation

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Skydance Corporation
Skydance
TypePublic
Industry
Predecessors
FoundedOctober 6, 2026; 2 days' time (October 6, 2026)
FounderDavid Ellison
Headquarters
Area served
Worldwide (except Russia, Belarus and North Korea)
Key peopleDavid Ellison (chairman and co-CEO)
Ynon Kreiz (co-CEO)
Products
  • films
  • music
  • television shows
  • web portals
  • movie theaters
  • video games
Brands
List
Divisions
SubsidiariesList of assets owned by Skydance Corporation
Websiteskydance.com

Skydance Corporation (trading as Skydance) is an upcoming American multinational mass media and entertainment conglomerate scheduled to be formed through the merger of Paramount Skydance and Warner Bros. Discovery. The company is expected to be headquartered in Los Angeles, California, as both film studios are located in Los Angeles, with major operations in New York City and Atlanta. The transaction is scheduled to close on October 6, 2026, subject to the satisfaction of customary closing conditions.

The company will be led by David Ellison, who will serve as chairman and chief executive officer, and Ynon Kreiz, who will serve as co-chief executive officer. Ellison will oversee the company's long-term strategy, creative direction, technology, talent relationships, strategic partnerships and capital allocation, while Kreiz will oversee day-to-day operations and integration of the combined businesses. The company is named after Ellison's defunct production company Skydance Media, using the same name and logo.

The company will combine the assets of Paramount Skydance and Warner Bros. Discovery, bringing together major film studios, television networks, streaming services, news organizations and entertainment franchises. Its portfolio will include the companies' flagship primary film studios Paramount Pictures, Warner Bros. Pictures, cable and news networks; CBS, CNN, subscription video and on-demand services HBO Max, Paramount+, children's cable networks; Nickelodeon, Cartoon Network, and other cable networks like; Discovery, TNT Sports, alongside major intellectual properties including DC, Looney Tunes, Scooby-Doo, Game of Thrones, Tom and Jerry, Harry Potter, The Lord of the Rings film series, from Warner Bros.' catalogue, and Star Trek, Mission: Impossible, Top Gun, Dora the Explorer, Blue's Clues, Teenage Mutant Ninja Turtles, Sonic the Hedgehog film series, The Smurfs, Garfield, SpongeBob SquarePants, The Loud House, Rugrats and The Ren & Stimpy Show from Paramount Skydance's catalogue.

Background

[edit]

Through an assortment of corporate mergers, splits, and partnerships, Paramount Skydance, Warner Bros. Discovery, its predecessors and subsidiaries shared a long history prior to the merger of the companies.[1]

1912–1986

[edit]

Paramount Pictures was founded in 1912 as the Famous Players Film Company.[2] CBS was founded in 1927, which Paramount Pictures held a 49% ownership stake in from 1929 to 1932.[3][4]

On April 4, 1923, Warner Bros. Pictures, Inc. was officially established, as the Warner brothers focused entirely on the motion picture industry.[5] In 1927, Warner Bros. Pictures revolutionized the film industry by releasing its first sound film (or "talkie"), The Jazz Singer, starring Al Jolson.[6] Warner Bros. underwent a series of ownership changes during the following decades. The studio was acquired by Seven Arts Productions in 1967, forming Warner Bros.-Seven Arts, which was subsequently acquired by Kinney National Company in 1969. Kinney later reorganized its entertainment assets as Warner Communications. In 1990, Warner Communications merged with Time Inc. to form Time Warner, bringing Warner Bros. into a larger media conglomerate.[7][8]

In 1952, CBS formed CBS Television Film Sales, a division which handled broadcast syndication rights for CBS's library of network-owned television series.[9][10][11] This division was renamed CBS Films in 1958[12][13] and again renamed CBS Enterprises Inc. on December 1, 1967.[14][15] It was renamed Viacom (an acronym of Video and Audio Communications) in 1970.[16] In 1971, this syndication division was spun off amid new FCC rules forbidding television networks from owning syndication companies. These rules were eventually abolished completely in 1993.[17] Meanwhile, Paramount Pictures was acquired by Gulf and Western Industries in 1966, which then re-branded itself as Paramount Communications in 1989.[18]

1986–2005

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In 1986, Viacom purchased MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express.[19] In 1987, a majority stake in Viacom was acquired by theater operator company National Amusements.[20] Viacom then purchased a 50.1% stake in Paramount Communications in February 1994 for $9.75 billion, following a five-month battle with shopping channel QVC. The merger was completed in July.[21][22][23] In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS Corporation (the renamed Westinghouse Electric Corporation, which had merged with CBS in 1995). The merger was completed in 2000, resulting in CBS reuniting with its former syndication division.[24][25]

During the same period, Time Warner expanded its television holdings through the 1996 acquisition of Turner Broadcasting System, bringing networks including CNN, TNT, TBS and Cartoon Network under the company.[26] In 2001, Time Warner merged with America Online to form AOL Time Warner; the company reverted to the Time Warner name in 2003, and AOL was later spun off in 2009.[27]

2005–2026

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On December 31, 2005, Viacom was split into two companies: the second incarnation of CBS Corporation, the former's corporate successor, and the second incarnation of Viacom, which was formed as a spin-off.[25][28] Skydance Media was founded in 2006 by David Ellison.[29] In 2009, Skydance and Paramount Pictures signed a five-year co-financing, production and distribution agreement, with Paramount holding an additional option of distribution.[29] That deal was extended twice, in 2013 and 2017.[30][31] On July 24, 2025, the FCC approved the merger between Paramount Global and Skydance Media.[32][33][34][35]

Meanwhile, In June 2018, AT&T completed its acquisition of Time Warner, which was subsequently renamed WarnerMedia.[36] In April 2022, AT&T spun off WarnerMedia and combined it with Discovery, Inc., forming Warner Bros. Discovery.[37]

Proposed Acquisition of Warner Bros. Discovery and proposed Restructuring of the new company

[edit]

After Paramount began making unsolicited offers to acquire WBD as a whole, the WBD board of directors initiated a review of strategic alternatives on October 21, 2025, aimed to maximize shareholder value which developed into a formal bidding process[38]. The process was won in December 2025 by Netflix Inc,, which agreed to acquire Warner Bros., including its film and television studios, HBO and HBO Max, in a transaction valued at $82.7 billion[39]. Paramount continues to make unsolicited offers for the entirety of WBD, arguing that a Netflix acquisition of Warner Bros. would give it an excessive share of the Subscription Video on Demand (SVOD) market[40] and that Paramount's proposal would provide greater support for theatrical exhibition[40]. Paramount CEO David Ellison stated that the combined company would release 30 theatrical films annually, maintain theatrical release windows, and preserve the creative independence of divisions such as HBO[40].

In February 2026, Paramount revised its offer several times, ultimately proposing to acquire WBD for $31 per share in cash, fund WBD's $2.8 billion termination fee to Netflix, and pay an additional "ticking fee" to WBD shareholders if the transaction had not closed after September 30, 2026[41]. The WBD board determined that Paramount's proposal constituted a superior offer[42], and the transaction was approved by WBD shareholders on April 23, 2026. On June 12, 2026, The US Department of Justice's Antitrust Division completed its review of the acquisitions and cleared the transaction[43]. The European Commission approved the acquisition subject to conditions requiring Paramount to withdraw from its United International Pictures distribution joint venture with Universal Pictures in Europe[44]. Similarly in the United Kingdom, Paramount made legally binding commitments to maintain the distinct editorial identities of its linear and on-demand services, preserve the independence of Channel 5 News from CBS and CNN international, and keep children's channels including Nickelodeon and Cartoon Network editorially distinct. Most of the commitments are to remain in effect for five years[45].

Supporters of the acquisition argued that combining the companies would provide the scale necessary to compete more effectively with other streaming and technology conglomerates like The Walt Disney Company or Comcast Corporation, while maintaining a strict commitment with theatrical film exhibition[46]. On the other hand, Critics within the film industry have expressed concerns that the consolidation might reduce competition, employment and opportunities for creators, and could possibly increase the combined company's bargaining power over movie theaters[47] and cable television distributers[48]. Concerns were also raised by filmmakers, Warner Bros. Discovery employees and lawmakers over the Ellison family's relationship with the Trump Administration, Middle East Sovereign Funds stakes and the potential effect of the acquisition on CNN's editorial independence[49][50].

In July 2026, California and eleven other U.S States, along with the Writers Guild of America, filed antirust lawsuits seeking to delay the acquisition.[51] Paramount later reached a settlement with the states in late September, subject to a five-year consent decree containing competition and editorial safeguards[52] . The settlement was finally approved by a federal court on September 30th, clearing one of the last and final obstacles to the transaction, which Paramount is currently expected to complete by October 6th.

On October 2, 2026, David Ellison announced that the combined company would be named Skydance Corporation following the completion of the Warner Bros. Discovery acquisition, reviving the Skydance name previously used by his production company and reflected in Paramount Skydance's "A Skydance Corporation" byline. Paramount and Warner Bros. would retain their individual studio identities under the new parent company.[53] Ellison would serve alongside former Mattel chief executive Ynon Kreiz as co-CEO of the combined company, with Kreiz overseeing its day-to-day operations and integration.[54] Ahead of the merger's completion, reports also stated that Paramount Pictures co-chairs Josh Greenstein and Dana Goldberg were expected to lead the combined Paramount and Warner Bros. film operation, succeeding Warner Bros. film chiefs Michael De Luca and Pamela Abdy.[55]

Assets

[edit]

References

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  1. ↑ Grantham-Philips, Wyatte (July 8, 2024). "Paramount and Skydance merge, signaling end of a family reign in Hollywood and the rise of new power". Associated Press. American newspaper and broadcast members. Archived from the original on July 8, 2024. Retrieved August 6, 2025.
  2. ↑ Abel, Richard (1994). The Ciné Goes to Town: French Cinema, 1896–1914. Berkeley, California: University of California Press. p. 10. ISBN 0-520-07936-1.
  3. ↑ Bergreen, Laurence (1980). Look Now, Pay Later: The Rise of Network Broadcasting. New York City: Doubleday and Co. p. 61. ISBN 978-0-451-61966-2. Archived from the original on May 5, 2010.
  4. ↑ Barnouw, Erik (1966). A Tower in Babel: A History of Broadcasting in the United States to 1933. New York City: Oxford University Press. p. 261. ISBN 978-0-19-500474-8.
  5. ↑ Maas, Jennifer (March 23, 2022). "Warner Bros. Reveals 100th Anniversary Logo, Teases Rollout of Commemorative Content, Products and Events". Variety. Archived from the original on May 8, 2022. Retrieved May 8, 2022.
  6. ↑ "Warner, Movie Magnate, Dies: Sam Warner, Former Youngstown Man, Rose from Obscurity to Leader in Field". The Youngstown Daily Vindicator. October 5, 1927.
  7. ↑ "Our History" (PDF). U.S. Securities and Exchange Commission. Retrieved October 3, 2026.
  8. ↑ "Time Warner Inc. filing". U.S. Securities and Exchange Commission. Retrieved October 3, 2026.
  9. ↑ "Broadcasting Magazine" (PDF). World Radio History. January 14, 1952. p. 94. Retrieved August 2, 2025.
  10. ↑ "Broadcasting Magazine" (PDF). World Radio History. March 17, 1952. p. 88. Archived (PDF) from the original on July 9, 2021. Retrieved August 2, 2025.
  11. ↑ "Broadcasting Magazine" (PDF). World Radio History. June 23, 1952. p. 80. Archived (PDF) from the original on July 9, 2021. Retrieved August 2, 2025.
  12. ↑ "Broadcasting Magazine" (PDF). World Radio History. September 22, 1958. pp. 31–33. Archived (PDF) from the original on July 9, 2021. Retrieved August 2, 2025.
  13. ↑ "Broadcasting Magazine" (PDF). World Radio History. October 13, 1958. p. 49. Retrieved August 2, 2025.
  14. ↑ "Name change at CBS" (PDF). World Radio History. December 4, 1967. p. 1. Retrieved August 2, 2025.
  15. ↑ "Broadcasting Magazine" (PDF). World Radio History. January 29, 1968. p. 8. Archived (PDF) from the original on September 11, 2025. Retrieved August 2, 2025.
  16. ↑ "Broadcasting Magazine" (PDF). World Radio History. July 6, 1970. p. 19. Archived (PDF) from the original on September 12, 2021. Retrieved August 2, 2025.
  17. ↑ Croteau, Davivd R.; Hoynes, William (2005). The Business of Media: Corporate Media and the Public Interest. Thousand Oaks, California: SAGE Publications, Inc. pp. 100–101. ISBN 978-1412913157.
  18. ↑ Williams, Linda (April 10, 1989). "Gulf & Western Wants Buyer for Finance Division: Paramount's Parent Plans to Change Name, Focus on Entertainment, Publishing". Los Angeles Times. ISSN 2165-1736. OCLC 3638237. Archived from the original on June 26, 2013.
  19. ↑ Fabrikant, Geraldine (September 17, 1986). "Viacom Chief Leads Group's Buyout Bid". The New York Times. ISSN 1553-8095. OCLC 1645522. Archived from the original on January 30, 2021. Retrieved January 23, 2021. In November 1985, Viacom acquired MTV for $326 million in cash and warrants. One-third of MTV was publicly owned; the rest was owned by Warner Communications and the American Express Company. At the same time, Viacom bought 50 percent of Showtime, the pay television service, that it did not already own for $184 million.
  20. ↑ "Viacom Inc. has acquired Viacom International Inc". Los Angeles Times. June 10, 1987. ISSN 2165-1736. OCLC 3638237. Archived from the original on June 15, 2023. Retrieved June 15, 2023.
  21. ↑ Fabrikant, Geraldine (February 15, 1994). "Executives Say That Viacom Has Won Paramount Battle". The New York Times. p. A1. ISSN 1553-8095. OCLC 1645522. Archived from the original on December 18, 2020. Retrieved August 3, 2025.
  22. ↑ "Annual Report". U.S. Securities and Exchange Commission. United States Government Publishing Office. Archived from the original on March 8, 2016. Retrieved August 3, 2025.
  23. ↑ "75 Power Players: The Outsiders". Next Generation. No. 11. November 1995. p. 61. Retrieved August 3, 2025. Viacom completed acquisition of Paramount Communications in July 1994, creating one of the world's largest entertainment companies.
  24. ↑ Croteau, David; Hoynes, William (2006). "3". The business of media : corporate media and the public interest (2nd ed.). Thousand Oaks, California: Pine Forge. p. 85. ISBN 978-1412913157.
  25. 1 2 Wilkerson, David B. (October 18, 2005). "Viacom moves up split date". MarketWatch. Dow Jones & Company. Archived from the original on August 10, 2022. Retrieved August 2, 2025.
  26. ↑ "Time Warner Inc". U.S. Securities and Exchange Commission. Retrieved October 3, 2026.
  27. ↑ "AOL-Time Warner merger announced". History. Retrieved October 3, 2026.
  28. ↑ "CBS And Viacom Complete Merger". CBS News. CBS News and Stations. April 26, 2000. Archived from the original on October 20, 2020. Retrieved March 30, 2021.
  29. 1 2 Eller, Claudia (August 16, 2010). "David Ellison raises $350 million to co-fund movies with Paramount". Los Angeles Times. ISSN 2165-1736. OCLC 3638237. Archived from the original on August 20, 2010. Retrieved January 12, 2020.
  30. ↑ Fleming, Mike Jr. (March 19, 2016). "David Ellison's Skydance Raises $700 Million In Funding For Film, TV Slates". Deadline Hollywood. Penske Media Corporation. Archived from the original on March 30, 2016. Retrieved April 11, 2018.
  31. ↑ Galuppo, Mia (August 7, 2017). "Skydance, Paramount Ink New Four-Year Deal". The Hollywood Reporter. Archived from the original on May 21, 2021. Retrieved February 28, 2022.
  32. ↑ Pequeño IV, Antonio (July 24, 2025). "FCC Greenlights Paramount-Skydance Merger". Forbes. Integrated Whale Media Investments. ISSN 0015-6914. OCLC 6465733. Archived from the original on July 24, 2025. Retrieved July 25, 2025.
  33. ↑ Hayes, Dade (July 25, 2025). "Paramount Co-CEOs Confirm Skydance Deal Closing Date, Laud Employee Efforts During Process". Deadline Hollywood. Penske Media Corporation. Archived from the original on July 25, 2025. Retrieved July 25, 2025.
  34. ↑ Hayden, Erik (July 25, 2025). "Nearly Done: Paramount-Skydance Merger Gets Deal Close Date". The Hollywood Reporter. Archived from the original on July 25, 2025. Retrieved July 25, 2025.
  35. ↑ Spangler, Todd (July 25, 2025). "Paramount and Skydance Expect Deal to Close Aug. 7". Variety. Archived from the original on July 25, 2025. Retrieved July 25, 2025.
  36. ↑ "Time Warner". AT&T. Retrieved October 3, 2026.
  37. ↑ "Discovery and AT&T Close WarnerMedia Transaction" (Press release). Warner Bros. Discovery. April 8, 2022. Retrieved October 3, 2026.
  38. ↑ "Warner Bros. Discovery Initiates Review of Potential Alternatives to Maximize Shareholder Value". ir.wbd.com. Retrieved October 3, 2026.
  39. ↑ "NETFLIX TO ACQUIRE WARNER BROS. FOLLOWING THE SEPARATION OF DISCOVERY GLOBAL FOR A TOTAL ENTERPRISE VALUE OF $82.7 BILLION (Equity Value of $72.0 Billion)". ir.netflix.net. Retrieved October 3, 2026.
  40. 1 2 3 "PARAMOUNT LAUNCHES All-CASH TENDER OFFER TO ACQUIRE WARNER BROS. DISCOVERY FOR $30 PER SHARE". Paramount. Retrieved October 3, 2026.
  41. ↑ "EX-99.(a)(2)(m)". www.sec.gov. Retrieved October 3, 2026.
  42. ↑ "Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Constitutes a "Company Superior Proposal"". ir.wbd.com. Retrieved October 3, 2026.
  43. ↑ Office of Public Affairs (June 12, 2026). "Statement of the Department of Justice Antitrust Division on the Closing of Its Investigation of the Merger of Paramount Skydance and Warner Bros". United States Department of Justice. Retrieved October 3, 2026.
  44. ↑ Chee, Foo Yun (July 22, 2026). "Paramount secures EU nod for $110 billion Warner Bros deal, US hurdles ahead". Reuters. Retrieved October 3, 2026.
  45. ↑ "Public statement- Proposed acquisition of Warner Bros Discovery by Paramount: decision of no intervention on Public Interest Intervention or Foreign State Influence grounds". GOV.UK. Retrieved October 3, 2026.
  46. ↑ Spangler, Todd (May 12, 2026). "Paramount Skydance Defends WBD Merger". Variety Australia. Staff. Retrieved October 3, 2026.
  47. ↑ Maas, Jennifer (April 13, 2026). "Joaquin Phoenix, Ben Stiller, Kristen Stewart and 1,000-Plus Hollywood Names Oppose Paramount-Warner Deal in Open Letter: 'Block the Merger'". Variety Australia. Staff. Retrieved October 3, 2026.
  48. ↑ Saba, Jennifer (July 14, 2026). "Breakingviews - COMMENTARY: Paramount-WBD lawsuit heads for tragic ending". Reuters. Retrieved October 3, 2026.
  49. ↑ Shepardson, David (July 14, 2026). "US lawmaker questions if Paramount CEO pressuring CBS to air pro-Trump content". Reuters. Retrieved October 3, 2026.
  50. ↑ Lang, Brent; Littleton, Cynthia (February 27, 2026). "'David Ellison Scares the S— Out of Me': How Paramount Beat Out Netflix, Won Warner Bros. and Will Change Hollywood Forever". Variety Australia. Staff. Retrieved October 3, 2026.
  51. ↑ "Writers Guild sues to block Paramount deal, saying it would hurt writers". Reuters. July 14, 2026. Retrieved October 3, 2026.
  52. ↑ "CNN, CBS News oversight board will be 'toothless,' experts warn". Reuters. September 22, 2026. Retrieved October 3, 2026.
  53. ↑ Mehraj, Anzar (October 2, 2026). "David Ellison says combined Paramount and Warner Bros Discovery will be named Skydance". Reuters. Retrieved October 3, 2026.
  54. ↑ "Paramount gets court green light on Warner Bros deal, names Mattel's Kreiz co-CEO". Reuters. September 30, 2026. Retrieved October 3, 2026.
  55. ↑ "Josh Greenstein & Dana Goldberg Poised To Run Combined Paramount Warner Bros Film Unit". Deadline Hollywood. October 2, 2026. Retrieved October 3, 2026.
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