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Skydance Completes Warner Bros. Discovery Deal: What the Nearly $111 Billion Merger Means

Skydance completed its Warner Bros. Discovery acquisition on October 6, 2026. The $81 billion price excludes debt; the nearly $111 billion figure includes it.
From TheFinanceBase Team4 min to read
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Skydance completed its acquisition of Warner Bros. Discovery on October 6, 2026, and the combined company is named Skydance. The deal was reported at $81 billion excluding debt and nearly $111 billion including debt; those figures describe different measures of the transaction, not two competing cash purchase prices.

What closed—and why the headline values differ

A filing with the U.S. Securities and Exchange Commission says Skydance Corporation, formerly Paramount Skydance Corporation, completed the acquisition under a merger agreement dated February 27, 2026. Warner Bros. Discovery survived the merger as a wholly owned Skydance subsidiary. Skydance said required regulatory approvals had been received and customary closing conditions satisfied.

The often-rounded “$110 billion” figure is best understood as a debt-inclusive valuation. The Associated Press reported an $81 billion acquisition price excluding debt and a transaction value of nearly $111 billion including billions of dollars in debt. The two measures have different bases; the larger figure is not the amount paid to Warner shareholders in cash.

Figure What it describes
$81 billion Acquisition price excluding debt, as reported by the Associated Press in 2026.
Nearly $111 billion Transaction value including debt, as reported by the Associated Press in 2026.
$31 per share Paramount’s final offer to acquire all of Warner Bros. Discovery, as reported by the Associated Press.

These figures are not interchangeable: the first two differ by whether debt is included, while the per-share figure describes the offer made to acquire the company.

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How the deal came together

The Associated Press described a contest lasting roughly a year. Warner initially reached a studio and streaming agreement with Netflix in December 2025. Paramount later made a hostile counterbid, raised its offer to $31 per share for all of Warner, and Netflix withdrew. Warner and Paramount signed a mutual merger agreement in late February 2026, before the October closing.

What Skydance now owns

The closing announcement describes a portfolio spanning two major film studios, two global streaming services, television and cable networks, live sports, and a broad content library. The Associated Press identifies HBO Max and Paramount+ among the streaming properties, and franchises including Star Trek, Barbie, Top Gun, Harry Potter, and Superman. The television portfolio includes CBS and HBO; the companies also bring together CBS News and CNN.

Common ownership is established, but that does not by itself mean the services have merged. The closing materials reviewed do not establish a single combined app, a new bundle, or immediate subscription-price changes.

What regulators and the states said

On June 12, 2026, the Justice Department’s Antitrust Division said it had completed an eight-month review and concluded the proposed merger was not likely to harm competition or American consumers in streaming video on demand, linear television, or theatrical film development, production, or distribution. The division said it reviewed more than two million documents from more than 80 custodians. Its statement said: “These investigative efforts all led to the same conclusion: the film and television industry is highly dynamic, and the proposed transaction is not likely to harm competition or American consumers.” That is the DOJ’s assessment, not a finding that ended all opposition to the deal.

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Rank #3
Maverick (BD)
  • Maverick [Blu-ray]
  • PHYSICAL_MOVIE
  • warner home video

In July 2026, attorneys general from 12 states sued to block the merger, alleging it would reduce competition and consumer choice. A federal judge later approved a settlement with Paramount. The Associated Press reported that Judge Araceli Martínez-Olguín described the proposed consent decree as a “fair, reasonable, and good faith approach to address the competitive harms” alleged by the states. The ruling resolved the states’ challenge through settlement rather than erasing the fact that they had raised those allegations.

What the settlement requires

The settlement includes commitments concerning film production, support for displaced workers, and news oversight. These are obligations or plans, not proof that the promised outcomes have already occurred.

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  • Item name: The Maltese Falcon
  • Product type: PHYSICAL MOVIE
  • Brand: WB
  • U.S. film production: Paramount committed to increase production over five years, according to the Associated Press.
  • Worker support: The company committed $47.5 million over five years for training and career development for workers displaced by the merger—$9.5 million per year, as reported by the Associated Press.
  • News oversight: The settlement calls for a five-member News Editorial Independence Board of active or retired journalists with at least 10 years’ experience. The combined company’s board appoints the members, who report to it and serve three-year terms; the board is to be formed within 180 days of closing.

The editorial board is a settlement requirement, not evidence that editorial independence has been demonstrated in practice. The Associated Press reported that critics viewed the remedies as too weak; Colorado and Washington did not sign off on the editorial-board terms, and Connecticut’s attorney general had sought full divestiture of CNN and CBS.

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What Skydance has announced about the business

Skydance has set a target of achieving $6 billion in run-rate synergies within three years. That is a company target, not a realized saving or a guarantee of future performance. It also announced commitments to produce 30 films per year and more than 180 television shows and series. Those are company-announced output commitments; future delivery is not independently established by the closing announcement.

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David Ellison, Skydance chairman and CEO, said the combination would put storytelling at the center of growth and create more opportunities for workers. That is the company’s stated rationale, rather than an independent assessment of how the merger will perform.

At closing, Skydance shares began trading on the New York Stock Exchange under ticker SKYD, according to the company. The Associated Press reported that Ellison and co-CEO Ynon Kreiz lead the combined company.

What this means for viewers and workers now

For viewers, the confirmed change is common corporate ownership of major studios, television properties, and the HBO Max and Paramount+ services—not a confirmed change to subscriptions or how either service works. For workers, the settlement establishes a specific training and career-development fund for people displaced by the merger, alongside the company’s stated production commitments. Whether the company meets its targets, how integration affects jobs, and whether streaming products change are matters for future developments, not results established by the closing.

Quick Recap

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Maverick (BD)
Maverick (BD)
Maverick [Blu-ray]; PHYSICAL_MOVIE; warner home video
$11.99
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Maltese Falcon, The (4K Ultra HD + Blu-ray)
Maltese Falcon, The (4K Ultra HD + Blu-ray)
Item name: The Maltese Falcon; Product type: PHYSICAL MOVIE; Brand: WB
$17.99

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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