Paramount Skydance completed its acquisition of Warner Bros. Discovery (WBD) on October 6, 2026. WBD shareholders received $31.01666668 per share in cash, and WBD shares stopped trading. The combined company is named Skydance. For viewers, the main open question is whether Paramount+ and HBO Max will become one service—and what that might mean for price, choice, and programming.
What happened to WBD shareholders?
The deal was announced on February 27, 2026, at $31 per WBD share in cash. The agreement included a $0.25-per-share quarterly ticking fee if the transaction had not closed by September 30. It closed on October 6, with shareholders receiving $31.01666668 per share in cash, according to Skydance’s closing announcement. WBD shares then ceased trading, so the acquisition did not leave WBD as a separately traded public company.
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That payment describes the transaction consideration, not a forecast of future returns or a valuation for the new Skydance company. The former WBD shareholders received cash rather than continuing to hold WBD shares after closing.
What does the combined company own?
Skydance’s announced portfolio brings together two major film studios and two global streaming services, alongside CBS, HBO, cable networks, CBS News, CNN, sports operations including CBS Sports and TNT Sports, and extensive programming libraries and franchises. This is a broad mix of subscription streaming, television, film production and distribution, news, and sports—not just a combination of two streaming apps.
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The company has also set operating goals. Skydance says it aims to release at least 30 theatrical films and more than 180 television shows and series annually, and to achieve at least $6 billion in annualized run-rate synergies within three years. These are management targets, not results already achieved. “Run-rate synergies” refers to an annualized savings or benefit level the company intends to reach; it does not establish how much has been realized, where changes will occur, or how those changes will affect viewers or employees.
Why was the deal allowed to close?
U.S. antitrust review
On June 12, 2026, the U.S. Department of Justice Antitrust Division said it had completed an eight-month investigation and concluded the transaction was unlikely to harm competition in subscription video-on-demand, linear television, or theatrical film-studio markets. The agency said its review included more than two million documents from more than 80 custodians. That is the DOJ’s assessment of the deal; it is not proof that prices, competition, or the range of programming cannot change after closing.
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UK competition and public-interest review
The UK Competition and Markets Authority announced competition clearance on August 6, 2026. Separately, the UK government considered public-interest concerns involving media plurality, children’s programming, editorial independence, and news. It said assurances and legally binding commitments led it not to issue a Public Interest Intervention Notice, while explaining that its decision reflected the powers available under the Enterprise Act.
What commitments came with the U.S. settlement?
In September 2026, a federal judge approved a settlement between the company and 12 states. The Associated Press reported these terms:
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- Distribution of 30 films per year in each of the first two years, followed by 32 per year in each of the next three years. Only half of the films in those commitments need to be produced or jointly produced by the combined company.
- At least $1.5 billion in additional U.S. film-production spending over five years.
- $47.5 million for training and career development for displaced workers over five years.
- Separate negotiations for the parties’ basic cable channels for five years.
The settlement also provides potential consequences if the company misses film commitments. These are terms of the state settlement as reported by AP, not a guarantee that every film will be a theatrical hit, that every affected worker will receive training, or that the commitments will produce a particular outcome for consumers.
Will HBO Max and Paramount+ become one service?
AP reported on October 7, 2026, that Paramount+ and HBO Max were expected to unify over time. The report did not establish a name, launch date, consumer price, or final catalog structure. No unified service or price should be treated as settled on the basis of that expectation alone.
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For subscribers, the practical questions to watch are whether the services remain separately available, whether existing plans or bundles change, and how each service’s catalog and subscription terms are handled. Until the company announces those details, neither a price increase nor a price cut can be stated as a fact.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What could change for news, programming, and jobs?
CNN and CBS News are now under common ownership. AP reported journalists’ concerns about political influence and editorial independence. The UK government’s assurances included continued distinct editorial identities for services and key news programs, but those assurances do not establish what future editorial decisions will be, particularly outside the UK. The transaction’s ownership change is certain; its day-to-day effects on news coverage are not established by the available announcements.
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The company’s synergy and output targets also do not settle what will happen to particular jobs, projects, or franchises. The state settlement addresses specified film distribution, production spending, and worker-training commitments, but it does not provide a complete forecast of staffing or commissioning decisions across the combined business.
Quick Recap
What should readers watch next?
- For former WBD shareholders: the stated cash consideration has been paid and WBD shares have ceased trading; the deal is no longer a pending acquisition.
- For subscribers: look for concrete announcements about service names, launch timing, prices, plan changes, and catalog availability rather than treating an expected future unification as a completed product change.
- For employees and film audiences: compare actual releases, spending, and training activity with the settlement’s five-year terms, and distinguish those obligations from the company’s broader annual output targets.
- For news audiences: assess editorial independence through observable newsroom practice over time; the ownership change and stated assurances alone do not determine future coverage.
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