David Ellison, the tech heir turned Hollywood power player, announced Friday that the merged entity of Paramount Global and Warner Bros. Discovery will be called Skydance. The name, borrowed from his production company Skydance Media, signals a new chapter for two of the oldest studios in Hollywood.
In a post on X, Ellison framed the merger as a way to honor the legacies of both studios while building a modern media powerhouse. “What once was the peak is now just the beginning,” he wrote. “Paramount and Warner Bros. shaped over a century of culture. By combining them, we aren’t rewriting history — we’re equipping these iconic studios with a more powerful engine.”
Ellison explained that the decision to use Skydance, rather than a hyphenated combination of the two brands, was deliberate. “We wanted to preserve what has made each of these studios iconic,” he said. “Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations. We never wanted a new corporate identity to diminish, alter or overshadow either one.” Instead, he said, the goal was to give the combined company its own identity while allowing Paramount and Warner Bros. to “remain in the spotlight.”
The merger, valued at $110 billion, will bring together not only the storied film and television studios but also streaming services HBO Max and Paramount+, and broadcast and cable networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network. The deal is expected to close on October 6, pending final regulatory approvals.
The path to closing has been contentious. On Tuesday, a California federal judge resolved a lawsuit filed by 12 state attorneys general who opposed the merger on antitrust grounds. The settlement clears a major legal obstacle. Weeks earlier, Paramount also reached a settlement in a separate antitrust lawsuit. The merger has drawn scrutiny from lawmakers and regulators concerned about consolidation in the media industry, as detailed in our coverage of the state settlement.
As part of the transition, Warner Bros. Discovery CEO David Zaslav is expected to step down. He is reportedly set to receive a compensation package exceeding $550 million in stock and cash, including $34.2 million in cash severance, once the deal closes. The payout is likely to draw criticism amid broader debates over executive compensation and media consolidation.
Ellison, the son of Oracle co-founder Larry Ellison, has been building his media footprint steadily. In 2025, he merged Skydance Media with Paramount Global and National Amusements, and the combined entity was renamed Paramount Skydance. The latest move extends his reach across both legacy and streaming assets, positioning Skydance as a major competitor to Disney, Netflix and Comcast.
“I couldn’t be more excited about what we’re going to build together,” Ellison said. The new company will face immediate challenges, including integrating disparate corporate cultures, managing debt, and navigating an increasingly hostile regulatory environment in Washington. The merger also comes as media trust and credibility are under intense scrutiny, a topic explored in our recent Gallup poll analysis.
With the October 6 closing date looming, all eyes will be on how Ellison and his team execute the integration—and whether Skydance can deliver on its promise to be a “creative-first home for bold, quality storytelling” while satisfying shareholders and regulators alike.
