Paramount Skydance completes $110B Warner Bros. Discovery takeover; becomes Skydance Corporation (SKYD)
What happened
Paramount Skydance announced Tuesday, Oct 6, it has completed its $110 billion acquisition of Warner Bros. Discovery, forming one of the largest entertainment companies in the world. The combined company becomes Skydance Corporation and its Class B shares begin trading on the NYSE under the ticker SKYD (replacing PSKY on Nasdaq) today. David Ellison remains chairman and CEO; Ynon Kreiz, the former Mattel chairman/CEO, joins as co-CEO to run day-to-day operations and lead integration. The merged entity owns Paramount Pictures, Warner Bros. studios, streaming platforms Paramount+ and HBO Max, networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network, and franchises like the DC Universe, Game of Thrones, Lord of the Rings and Yellowstone. The company carries a projected debt load north of $80 billion and has committed to $6 billion in cost savings within three years.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Paramount/Skydance (SKYD) — Class B shares move from Nasdaq to NYSE today under new SKYD ticker
- Netflix (NFLX) — lost the WBD bidding war; faces a stronger combined streaming competitor (HBO Max + Paramount+); watchlist
- Warner Bros. Discovery (WBD) — shareholders exit on close
- Media/entertainment sector — consolidation raises competitive pressure on Disney (DIS), Comcast/NBCUniversal, Amazon (AMZN)