Paramount Completes $110 Billion Acquisition of Warner Bros. Discovery, Forming Media Giant Skydance

Paramount has finalized its acquisition of Warner Bros. Discovery in a deal valued at $110 billion, creating a new conglomerate spanning film and television, according to a report from Le Monde.

The combined company has been renamed Skydance and brings together a wide range of media assets, including CNN, CBS News, HBO, and the Harry Potter franchise, the report said.

Le Monde's report noted that the scale of the resulting concentration of media properties under one corporate umbrella has raised concern, though the article did not detail which parties voiced those concerns or whether regulators imposed conditions on the deal's approval.

The merger unites two of the entertainment industry's major libraries and news operations, combining Paramount's existing holdings with Warner Bros. Discovery's film studio, premium cable and streaming businesses, and news divisions. Deals of this scale in the U.S. media sector typically require regulatory review, including antitrust scrutiny, before completion.

The report did not specify the financing terms of the deal, the leadership structure of the new Skydance entity beyond the rebranding, or when the merger's effects would become visible to consumers of the companies' television, streaming, and news products.