Paramount Buying Warner for $110B — Blockbuster Deal Rocks Hollywood

Major shake-up in Hollywood: Paramount has officially completed its takeover of Warner Bros. Discovery, forming a new entity named Skydance Corp. With the acquisition, the company adds properties that include Harry Potter, Game of Thrones and the DC universe to its portfolio.

The iconic Warner Bros. tower in Los Angeles has already been updated with signage reading A Skydance Corporation.

The transaction closes a long-running saga that went through several dramatic turns. To recap, Netflix withdrew after initially seeming to lead the race with a reported bid of $83 billion. Paramount ultimately topped the auction with a bid of $110 billion and emerged victorious.

The deal was wrapped up nearly a year after David Ellison’s Paramount Skydance first submitted its offer for Warner Bros. Discovery.

In a statement quoted by outlets such as Variety, David Ellison described the moment as historic for Skydance and the industry. He said the goal from day one was to bring these two storied studios together to build a stronger competitor — one with the creative talent, resources and reach to tell big stories across genres and platforms to audiences around the globe.

Ellison added that the aim has now been achieved, and that the company’s focus will shift to the future: creating a business that empowers creators, entertains viewers, and delivers value to shareholders.

A newly formed entertainment giant

The merger creates a dominant force in entertainment, combining an enormous catalog that includes major franchises such as Harry Potter, Mission: Impossible, Star Trek and Transformers — as well as the full DC slate (Batman, Superman, Wonder Woman and more).

Skydance will also control multiple streaming services and TV networks: HBO Max, Paramount+ and Pluto TV are now under the same umbrella, alongside channels like MTV, Comedy Central, Nickelodeon (home of SpongeBob SquarePants), Discovery, TNT and Food Network. The acquisition also brings significant news outlets into the fold, including CNN, CBS News and Poland’s TVN24.