LOS ANGELES, Oct. 6 (Xinhua) -- Paramount Skydance completed its takeover of Warner Bros. Discovery on Tuesday, creating a sprawling company called Skydance that brings two century-old Hollywood studios, two global streaming services and two major U.S. news organizations under one corporate roof.
The cash-and-debt transaction was valued at nearly 111 billion U.S. dollars, making it one of the largest media mergers on record. Skydance said the combined company will generate nearly 70 billion dollars in annual revenue and will trade on the New York Stock Exchange under the ticker SKYD.
The new company follows two successive combinations. David Ellison's Skydance Media merged with Paramount Global in August 2025, bringing together Paramount Pictures, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+ and Pluto TV. It then acquired Warner Bros. Discovery, including Warner Bros. Pictures, HBO, CNN, TNT, TBS, Discovery, Food Network, HGTV, TLC, Cartoon Network, DC Studios, New Line Cinema, HBO Max and Discovery+.
David Ellison, son of Larry Ellison, the billionaire co-founder of Oracle Corporation, took office as the company's chairman and CEO. Ynon Kreiz, formerly the top executive at Mattel, was appointed co-CEO. Ellison said the goal was to build "a stronger competitor" with the talent, resources and reach to tell stories across genres and platforms. Skydance has promised at least 30 theatrical films a year and more than 180 television shows and series, while targeting at least 6 billion dollars in annual cost savings within three years.
The company also controls franchises including "Harry Potter," the DC Universe, "Game of Thrones," "Mission: Impossible," "Top Gun," "Yellowstone," "Star Trek" and "SpongeBob SquarePants." Its scale may spread the high costs of films, sports rights and streaming technology across more customers. But heavy debt and the savings target create pressure to cut overlapping jobs, platforms and projects.
Labor groups warned that consolidation could reduce production and bargaining power. In July, the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) union said the acquisition "cannot and must not proceed" without legally binding assurances that production and newsroom employment would not decline and that U.S. production would increase. SAG-AFTRA President Sean Astin said workers "should not have to rely on promises and aspirational statements."
The merger leaves Skydance to compete with Disney, Netflix, Comcast, Amazon and Apple for audiences and talent. Its enormous library and distribution network give it scale, but the central question for consumers and workers is whether that scale produces more programming and stronger journalism -- or higher prices, fewer jobs and fewer places to sell creative work.
