Paramount and Warner Bros. Merge into New Skydance Corp
David Ellison announced the $110 billion merger of Paramount and Warner Bros. Discovery into Skydance Corp, implementing a leadership overhaul that removes Warner Bros. film chiefs.
Paramount Chairman and CEO David Ellison announced that the $110 billion merger between Paramount Skydance and Warner Bros. Discovery will result in a combined entity named Skydance Corp. The transaction is expected to close on October 6, 2026, following a federal judge's approval of a settlement resolving antitrust challenges from California and 11 other states.
Ellison and Ynon Kreiz will serve as co-CEOs, with Kreiz managing day-to-day operations and integration. While the corporate parent will be Skydance, Ellison stated that the individual studio identities of Paramount Pictures and Warner Bros. will be preserved. The new strategy aims to release 30 theatrical films annually, utilizing DC Studios as a primary growth engine to offset recent profitability struggles at Warner Bros.
As part of a leadership overhaul to control costs and pay down debt, Ellison terminated Warner Bros. film chiefs Michael De Luca and Pamela Abdy. Reportedly, the duo learned of their firing through press reports before being notified by Ellison. Paramount Pictures co-chairs Dana Goldberg and Josh Greenstein will assume operational oversight of all theatrical brands. Under the merger settlement, the combined studio must meet specific film release quotas over the next five years or face financial penalties and the potential forced sale of Miramax.
