Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsShort answer: Larry and David Ellison would not personally own Warner Bros., CNN or HBO if the transaction closes. Paramount Skydance—not the Ellisons as individuals—would acquire 100% of Warner Bros. Discovery (WBD). Because the Ellison family controls Paramount and is backing the financing, the family would have substantial influence over a much larger corporate portfolio spanning film, television, streaming, news, sports and cable networks.
The deal was announced on February 27, 2026, but remained pending in the latest reporting reviewed. A settlement with 12 states still required a judge’s approval, and the Writers Guild of America continued to oppose the merger.
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What the transaction actually transfers
Paramount Skydance’s announced agreement is to acquire 100% of WBD. The acquired businesses would therefore sit inside the combined Paramount company. The agreement does not say that Larry Ellison or David Ellison would personally hold title to individual brands, studios or channels.
That distinction matters because “the Ellisons control Warner Bros.” is shorthand for family influence through Paramount’s ownership and governance. It is not a description of personal ownership of every asset in WBD’s portfolio.
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Deal terms and financing
| Term | Announced detail | Qualification |
|---|---|---|
| Buyer | Paramount Skydance | Acquisition had not closed in the latest reporting. |
| Consideration | $31 per WBD share in cash plus a “ticking fee” | Figures announced by Paramount Skydance in 2026. |
| Implied value | $81 billion equity value; $110 billion enterprise value | Announced transaction values, not a completed sale price. |
| Equity commitments | $47 billion | Fully backed by the Ellison family and RedBird Capital Partners. |
| Debt commitments | $54 billion | Commitments from Bank of America, Citigroup and Apollo. |
| Existing-shareholder participation | Rights offering of up to $3.25 billion | Participation was described as available to Paramount shareholders. |
| Financing condition | Paramount said the deal is not subject to financing conditions | This describes the announced agreement, not proof that closing occurred. |
| Expected synergies | More than $6 billion | Management’s forecast, not realized savings. |
The Paramount businesses already under Ellison family control
Paramount’s announced portfolio includes the following brands and operations. They are presented here as corporate businesses, not as assets personally owned by either Ellison.
Film, television and animation
- Paramount Pictures
- Paramount Television
- Skydance’s animation, film and television divisions
Streaming and premium entertainment
- Paramount+
- Showtime
Broadcast, news and sports
- CBS
- CBS News
- CBS Sports
- Skydance’s sports division
Cable and youth brands
- Nickelodeon
- MTV
- BET
- Comedy Central
Interactive and games
- Skydance’s interactive and games operations
What WBD would add to the combined company
If closing occurs, WBD’s studios, services and networks would join Paramount’s existing portfolio.
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Studios and intellectual property
- Warner Bros. Motion Picture Group
- Warner Bros. Television Group
- Warner Bros. Pictures Animation
- DC
- HBO
Streaming services
- HBO Max
- discovery+
News and sports
- CNN
- TNT Sports
- Eurosport
Entertainment and lifestyle networks
- Discovery Channel
- HGTV
- Food Network
- OWN
- Investigation Discovery
- TLC
- Magnolia Network
- Travel Channel
- Animal Planet
- Science Channel
- TNT
- TBS
- truTV
How the prospective combined portfolio compares
| Business area | Paramount before closing | WBD businesses proposed for addition |
|---|---|---|
| Film and television production | Paramount Pictures; Paramount Television; Skydance film, television and animation | Warner Bros. Motion Picture Group; Warner Bros. Television Group; Warner Bros. Pictures Animation; DC; HBO |
| Streaming | Paramount+; Showtime | HBO Max; discovery+ |
| Broadcast and news | CBS; CBS News | CNN |
| Sports | CBS Sports; Skydance sports | TNT Sports; Eurosport |
| Cable entertainment | Nickelodeon; MTV; BET; Comedy Central | Discovery Channel; HGTV; Food Network; OWN; Investigation Discovery; TLC; Magnolia Network; Animal Planet; Science Channel; Travel Channel; TNT; TBS; truTV |
Who would control the combined company?
Paramount would be the acquiring corporation
The legal buyer is Paramount Skydance. Its announced plan is to purchase all of WBD, so the acquired brands would be controlled through Paramount’s corporate structure after closing.
The Ellison family would remain the controlling shareholder of Paramount
The Ellison family is Paramount’s controlling shareholder and is fully backing the $47 billion equity commitment with RedBird Capital Partners. That gives the family significant influence over the parent company that would own WBD, but it does not convert each Warner, HBO or CNN business into a personal Ellison asset.
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Other investors would not receive voting control, according to Paramount’s position
The FCC approved indirect equity interests for sovereign wealth funds from Saudi Arabia, Qatar and the United Arab Emirates without voting stakes. The Associated Press reported Paramount’s position that these investors would have no governance rights and that the Ellison family and RedBird would remain majority owners if the transaction closes. That is the company’s characterization of the ownership arrangement.
What still had to happen before closing
State settlement and judicial approval
On September 21, 2026, Paramount agreed to a settlement with 12 state attorneys general. The Associated Press reported that a judge still needed to approve it. The settlement therefore was not the same as completed regulatory clearance.
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Film-release commitments
For five years, Paramount agreed to release at least 30 theatrical films annually during the first two years and at least 32 annually during the following three years. At least four releases each year must be independent films.
Domestic production employment
Paramount also agreed to spend at least $300 million more per year on domestic production jobs for five years, a stated total commitment of $1.5 billion.
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Training, community arts and cable negotiations
Other reported settlement terms include annual payments of $9.5 million for workforce training and community arts organizations for five years, plus separate negotiations concerning cable packages.
Editorial-independence structure
The settlement reportedly includes a news editorial-independence board intended to support CBS and CNN editorial independence. That is a structural commitment, not a guarantee of particular future editorial decisions.
WGA opposition continued
The Writers Guild of America settled its lawsuit but continued to say it believed the merger would harm writers and the industry. It said it would proceed without government enforcers, so the state settlement should not be described as unanimous support or as proof that every dispute had ended.
Justice Department assessment
The U.S. Department of Justice said it completed its review and determined that the merger was not likely to harm competition in streaming video on demand, linear television, or theatrical film development, production and distribution. That is the DOJ’s stated assessment, not an independent guarantee that no competition concerns remain.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Why the wording matters for readers and investors
- “Paramount controls WBD” would describe the corporate result if the acquisition closes.
- “The Ellisons personally own CNN, HBO or Warner Bros.” would overstate the evidence.
- “The Ellisons control Paramount” describes their shareholder and governance position, subject to the final ownership structure.
- “The deal is complete” is inaccurate while judicial approval and other closing steps remain outstanding.
David Ellison, Paramount’s chair and chief executive, said in the February 27, 2026 announcement that the pursuit was intended to build a “next-generation media and entertainment company.” The practical consequence would be a single Paramount-controlled group combining two major studio systems, several streaming services, national news brands, sports rights and a broad cable network portfolio.
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