Paramount and Warner Bros Complete Merger Under Skydance Banner

Warner Bros and Paramount are now officially part of the same company, completing a merger that reduces Hollywood's roster of major studios from five to four. The combined business operates under the Skydance banner, the company controlled by David Ellison, son of Oracle co-founder Larry Ellison.

The deal followed a winding path. Streaming giant Netflix had been reported as a potential buyer for Warner Bros before Skydance, backed by Paramount's ownership, ultimately won out with a higher bid. Legal challenges to the merger were raised afterward but did not succeed in blocking it.

A wider media footprint

The merger extends beyond film studios. Television networks including HBO, Showtime, CBS, MTV, Comedy Central, Cartoon Network, Nickelodeon, TNT, TBS and CNN now sit under the same corporate structure. The streaming services HBO Max and Paramount+ are expected to eventually merge into a single platform, though the companies have not given a timeline for when that will happen.

Skydance now joins Disney, Universal and Sony as one of Hollywood's four remaining major studio groups, following the consolidation of what had previously been described as the industry's "big five."

Scrutiny over CNN and CBS News

The inclusion of CNN in the merged company has drawn particular attention. Scrutiny has intensified following changes at CBS News since the Skydance deal, where Bari Weiss has taken on an oversight role and the network has seen declines in both ratings and reputation for its long-running newsmagazine, 60 Minutes.

Weiss is not expected to extend her oversight to CNN. Mark Thompson is set to remain in place as the network's current chair, and Skydance has said CNN will continue to operate with editorial independence.

Even so, some observers have raised concerns given Ellison's relationship with former President Donald Trump, who has repeatedly criticized CNN's coverage. The presence of Ellison-appointed members on the company's oversight board has done little to ease those concerns among critics watching how editorial independence will be upheld in practice.