The biggest media merger in recent history is now official. After months of planning and regulatory approvals, Skydance has announced that its acquisition of Warner Bros. Discovery has officially closed, creating one of the largest entertainment companies in the world.
In a press release issued on October 6, Skydance confirmed that it has completed the acquisition of Warner Bros. Discovery. The combined company will operate under the Skydance name while bringing together the massive portfolios of Paramount and WBD under a single corporate umbrella.
According to the announcement, the new company now includes two major film studios, two global streaming platforms, CBS, HBO, Paramount’s and WBD’s cable networks, CBS News, CNN, CBS Sports, TNT Sports, and a library spanning franchises such as Top Gun, Harry Potter, White Lotus and SpongeBob SquarePants.
Skydance also outlined several goals for the newly combined company, including releasing at least 30 theatrical films every year, producing more than 180 television series, and eventually combining its streaming services into a single platform over time. The company is also targeting more than $6 billion in annual synergies within the next three years.
The transaction officially closed after receiving regulatory approval across nearly 70 jurisdictions worldwide. As part of the deal, Warner Bros. Discovery stock has ceased trading on the Nasdaq, while Skydance Class B shares begin trading on the New York Stock Exchange under the ticker symbol SKYD.
WBD shareholders received $31.01666668 in cash for each share they owned. David Ellison called the completion of the deal a landmark moment for both Skydance and the entertainment industry.
“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.”
He added that the company’s attention now shifts from closing the transaction to building the future of the newly combined business.
“Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”
This officially brings an end to the merger process that had been months in the making. The bigger story now becomes what Skydance does with its enormous collection of studios, streaming services, television networks and sports rights as it begins operating as one of the most powerful companies in global entertainment.
What do you think this merger means for the future of HBO, Max, Paramount+, and the entertainment industry as a whole? Let us know in the comments below.
