It’s been over a year since Paramount Skydance decided to buy one of Hollywood’s most iconic institutions.
After repeated rejections, a subsequent bidding war, a series of regulatory approvals, an antitrust challenge by the state attorney general and a timely settlement, the David Ellison-run company completed its acquisition of Warner Bros. Discovery on Friday.
The combined company, which is one of the largest media conglomerates in history, has a new name Skydance and trades under the ticker symbol “SKYD.” It brings together two of the most storied film studios and nearly one-third of basic cable programming.
Here’s a timeline of key events in Paramount’s pursuit of WBD:
The foundation is laid
Competition brews
WBD shares have since announced their intention to split, finally starting the sale process.
The offer is over
Securing regulatory approval
June 12, 2026: The Justice Department approved the Paramount-WBD merger, an important step toward obtaining full regulatory approval for the deal, which is estimated to be worth $110 billion on a corporate basis.
July 13, 2026: A group of state attorneys general, led by California’s Rob Bonta, sued to block the merger because of antitrust concerns. The lawsuit alleges the potential for higher prices and lower content if the merger goes through.
July 22, 2026: European Union antitrust regulators approved Paramount’s acquisition of WBD, marking a major victory for Paramount among global regulators. The agreement hinged on a number of concessions: Paramount agreed to divest its stake in United International Pictures in Europe and promised not to enter into a film distribution deal with Universal in Europe for 10 years.
July 24, 2026: Paramount, which had faced a temporary restraining order on the deal, agreed to delay the closing until the end of June 2027. The threat of a lengthy delay left WBD in limbo and caused a brief chilling effect on M&A media more broadly.
In the abyss
September 30, 2026: With the final hurdle over, Paramount announced that outgoing Mattel CEO Ynon Kreiz will serve as co-CEO of the combined company alongside Ellison. At Mattel, Kreiz gained a reputation as the man who transformed and oversaw the reign of the toy into entertainment, bringing Barbie to the big screen in 2023.
October 2, 2026: Ellison announced that the combined company would be called Skydance after the closing, saying the move would allow Paramount and Warner Bros. to remain separate brands.
October 5, 2026: Ellison and Kreiz announced their leadership team, including news chiefs Bari Weiss and Mark Thompson over CBS and CNN, and heads of content Casey Bloys, George Cheeks and JB Perrette to oversee the streaming and TV businesses. CNBC reports CBS Sports chief David Berson will take over global sports group Skydance.
October 6, 2026: Paramount’s acquisition of Warner Bros. Discovery closes, officially creating a new entertainment company, Skydance.
— CNBC’s Julia Boorstin, David Faber, Lillian Rizzo, Sara Salinas, Alex Sherman and Sarah Whitten contributed to this report.