TLDR
Skydance Corporation completed its US$81 billion acquisition of Warner Bros. Discovery on 6 October 2026, listing on the New York Stock Exchange as SKYD with nearly US$70 billion in combined revenue. In Australia, one company now controls Network 10, Paramount+ and HBO Max, concentrating broadcast, streaming and advertising inventory under a single seller.
KEY TAKEAWAYS
One deal, one owner, three screens
Skydance Corporation, formed from Paramount Skydance's takeover of Warner Bros. Discovery, began trading on the New York Stock Exchange under the ticker SKYD on 6 October 2026. Warner Bros. Discovery shareholders received US$31.01666668 per share in cash, and WBD shares ceased trading on NASDAQ the same day.[1]
The deal valued Warner Bros. Discovery at US$81 billion in equity and US$110 billion in enterprise value, as disclosed on the merger call in March 2026.[2] The combined company reported nearly US$70 billion in revenue, according to TechCrunch.[1]
David Ellison, Chairman and Chief Executive Officer of Skydance Corporation, said: "Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality."[1]
What sits under one roof
The merged entity brings together CBS, CNN, HBO Max, Paramount+, MTV, Comedy Central, BET, TBS and a library of live sports rights.[1] B&T reports that Andy Gordon becomes president of the company, HBO's Casey Bloys runs streaming content, George Cheeks leads television, and Mark Thompson stays at CNN.
Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a board director of the new company, said: "By applying our owner-operator model to Paramount and WBD's unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that's undergoing transformational change."[1] Mumbrella reports A$8.6 billion in cost reductions planned across three years, and a 4.8% fall in the share price.
Paramount says competition authorities covering nearly 70 jurisdictions approved the deal. The US Department of Justice Antitrust Division closed its investigation on 12 June 2026, finding the transaction was not likely to harm competition or American consumers.[3] Twelve state attorneys general settled separate concerns before completion, with Skydance committing US$1.5 billion in content spending as part of those agreements, covered earlier by this publication.[4]
The Australian question buyers need answered
In Australia, Network 10 and Paramount+ will operate as Paramount Australia and New Zealand, A Skydance Corporation, Mumbrella reports. HBO Max, run locally by Warner Bros. Discovery, now has the same parent.[1] CBS bought Network 10 in 2017, so Ten and Paramount+ selling together is familiar ground. HBO Max is less settled.
Mumbrella has asked how Warner Bros. Discovery's Australian operations will be named and run; that had not been answered at the time of writing. Agencies buying across broadcast video on demand (BVOD) and streaming now deal with a seller that controls Ten and Paramount+ inventory on one side and HBO Max's local feed on the other, removing a competitor from the other side of the table.
Skydance filed a current report on Form 8-K with the US Securities and Exchange Commission (SEC) confirming the deal's completion on 6 October 2026.[5] The test for buyers is whether Skydance moves to a combined offer across Ten, Paramount+ and HBO Max.
SOURCES & CITATIONS
- Paramount Completes Acquisition of Warner Bros. Discovery, Paramount Investor Relations
- Paramount Skydance M&A Call Transcript, March 2, 2026, Paramount Investor Relations
- Statement of the Department of Justice Antitrust Division Closing Its Investigation of the Merger
- Paramount WBD Merger Clears US States With US$1.5bn Content Pledge, Prompt the Market
- Skydance Corporation Form 8-K, SEC EDGAR
- Paramount completes WBD acquisition, becomes media powerhouse Skydance, Mumbrella
- Paramount-Warner Bros parent company will rebrand to Skydance, B&T
- Paramount closes historic Warner Bros. merger to form Skydance, TechCrunch
FREQUENTLY ASKED QUESTIONS
What is Skydance Corporation?
What does the deal mean for Australian media buyers?
What did the DOJ decide about the merger?
Xaviery Malinao writes for Prompt the Market on how brands and agencies are adapting to answer engines, drawing on Bushnote's work with clients across search, AI search and content.
