Jump to October 6 merger-day coverage ↓
11:27 a.m. CT
Day Two: Ellison and Kreiz Lay Out the Skydance Vision
Ellison and Kreiz made their first public appearances since the merger closed: a morning town hall on the Warner Bros. lot moderated by Anderson Cooper, followed by an afternoon press conference on the Paramount lot. The leadership split is now explicit, with Ellison focused on creative, technology, and long-term strategy while Kreiz handles operations and the integration. On the nearly $79 billion in debt, Kreiz said the company has a complete financial plan and expects to reduce leverage, framing content spending as an investment. Ellison pointed to Paramount's record since last year's merger, over-delivering on synergies at $2.7 billion while doubling the film slate from 8 to 15 movies. The ambition now is 30 films a year across both studios, and Ellison insisted the debt won't stop them from taking big creative swings, name-checking Sinners as the kind of original film they want to keep making. He asked merger skeptics to 'give us time, and we'll prove it.' Still unanswered: when HBO Max and Paramount+ will actually combine, what happens to the 30-plus cable networks, and how film and TV work will split between the two lots.
— Deadline
Tuesday, October 6
Merger day coverage
11:44 p.m. CT
Merger Day Recap: Everything That Happened
The $110 billion Paramount and Warner Bros. Discovery merger officially closed Tuesday, creating Skydance, which begins trading on the NYSE under ticker SKYD. David Ellison serves as chairman and CEO alongside co-CEO Ynon Kreiz, the former Mattel chief. At a press briefing on the Paramount lot, Ellison said HBO Max and Paramount+ will eventually merge into a single service after a short-term bundling phase, insisted the company's nearly $80 billion debt is manageable without cutting production, and asked merger opponents to give the new company time to rebuild trust with the creative community. He also pledged Skydance will keep making original films like Sinners, with Paramount and Warner Bros. remaining creatively independent. Both studio lots stay open. The new board includes Laurene Powell Jobs and Bobby Kotick as directors, with Tony Blair advising. An employee memo hinted at layoffs ahead as the company targets $6 billion in cost cuts. George Cheeks told TV staff CBS remains a cornerstone, and Josh Goldstine will lead film marketing and distribution across both studios.
— TDN
6:36 p.m. CT
George Cheeks tells TV staff CBS 'remains a cornerstone'
In his first memo as Skydance TV co-chair and chief content officer, George Cheeks told staffers the new Skydance Television group is an unmatched mix of networks, studios, platforms and programming genres. He thanked the teams for their hard work through the merger, calling CBS a cornerstone of the combined company.
— Variety
6:36 p.m. CT
Josh Goldstine to lead film marketing and distribution across WB and Paramount
Variety reports Josh Goldstine will oversee marketing and distribution for Warner Bros., Paramount Pictures and all Skydance film labels. Goldstine led worldwide marketing at Warner Bros. until January 2025 before taking the same role at Paramount last fall, and he now heads theatrical marketing and distribution across the combined studio.
— Variety
6:10 p.m. CT
Press briefing: live recap
9:35 p.m. CT Ellison said Skydance will keep taking creative swings on original films like Sinners, and that Paramount and Warner Bros. will remain creatively independent with their own slates. Both studio lots stay open, with one eventually focusing on film and the other on TV and streaming. The Hollywood Reporter
9:35 p.m. CT Addressing the bruising year-long merger battle, Ellison asked opponents to give the new company time, saying Skydance is now in the business of rebuilding trust with the creative community. He noted his own 15-plus years as an on-set producer before becoming a CEO. Deadline
9:35 p.m. CT Ellison and co-CEO Ynon Kreiz insisted the company's nearly $80 billion debt load is manageable and will not force cuts to production spending. Kreiz said they plan to bring down the leverage ratio by 2029 while investing in content. Deadline
9:35 p.m. CT David Ellison said HBO Max and Paramount+ will eventually merge into a single service, following a short-term phase where the two remain separate but bundled. The combined streamers count more than 200 million global subscribers. Deadline
6:10 p.m. CT David Ellison and Ynon Kreiz are briefing the press now on the new Skydance. Highlights will land here as the trades report them.
5:29 p.m. CT
Skydance names its new board: Laurene Powell Jobs and Bobby Kotick join as directors
The newly merged Skydance has unveiled its board of directors, effective immediately. Laurene Powell Jobs, founder and president of Emerson Collective, and former Activision CEO Bobby Kotick join as independent directors alongside chairman and CEO David Ellison and co-CEO Ynon Kreiz. Former UK prime minister Tony Blair comes aboard as a board advisor in a personal capacity.
— Deadline
4:23 p.m. CT
WB Water Tower Now Reads 'A Skydance Corporation'
The rebrand is now painted on the studio’s most famous landmark. New video shows the iconic Warner Bros water tower with “A Skydance Corporation” printed beneath the WB shield logo.
2:29 p.m. CT
SKYD shares slide in Wall Street debut
Skydance shares slipped about 4.5% in afternoon trading on their first day under the new SKYD ticker on the New York Stock Exchange, as investors weighed the more than $80 billion debt load against the company's $6 billion cost-cutting target.
2:28 p.m. CT
Ellison and Kreiz warn staff of 'difficult decisions' ahead
In a memo to employees this morning, David Ellison and Ynon Kreiz acknowledged that integrating the two companies 'will bring change, including difficult decisions that affect our workforce,' adding they are committed to handling the process 'thoughtfully and respectfully.' The new company is targeting $6 billion in cost cuts over three years.
11:11 a.m. CT
Ellison and Kreiz to host virtual press briefing tonight
David Ellison and Ynon Kreiz are scheduled to host a virtual press briefing alongside the new Skydance executive leadership team at 7 p.m. ET (6 p.m. CT) tonight. An employee town hall is expected to follow next week.
— Variety
11:10 a.m. CT
SKYD begins trading on NYSE as WBD exits Nasdaq
Skydance Class B shares begin trading on the New York Stock Exchange today under the ticker symbol SKYD. Warner Bros. Discovery shares have ceased trading on the Nasdaq, with WBD shareholders receiving an amount in cash equal to roughly $31.02 a share under the merger agreement.
11:10 a.m. CT
David Ellison marks closing with 'historic day' statement
New Skydance chairman and CEO David Ellison issued an official statement on the closing: "Today is a historic day, not just for Skydance but for our entire industry." He said the ambition from the start was to bring the two storied studios together to create a stronger competitor, and that the focus now turns to building a company that empowers creatives, entertains audiences and rewards shareholders.
10:28 a.m. CT
Skydance signage goes up at Warner Bros. offices
The rebrand is already happening in the physical world. Photos shared Tuesday morning show Skydance lettering going up on Warner Bros. offices, with the new company name displayed across the windows alongside the Warner Bros. shield logo.
After a year-long pursuit, the biggest media merger in recent memory is done. Paramount’s acquisition of Warner Bros. Discovery officially closed Tuesday morning, creating a $110 billion entertainment giant called Skydance.
David Ellison, 43, becomes chairman and CEO of the combined company, with Ynon Kreiz serving as co-CEO. The new Skydance starts life carrying roughly $80 billion in debt, with a plan to reshape the traditional media business into a tech-oriented operation built to compete with Netflix, Amazon and Disney. Shares in the combined company begin trading Tuesday on the New York Stock Exchange, while shares of Paramount and Warner Bros. Discovery have been discontinued on the Nasdaq.
The assets now under one roof are staggering: two century-old movie studios, major TV studios, streaming services and networks including HBO and CNN.
The road to closing was anything but smooth. Paramount made more than a dozen attempts to win over the Warner Bros. Discovery board over the past year, eventually outbidding an accepted Netflix offer for just WBD’s streaming and studio business with a sweetened pitch to buy the entire company. Along the way the deal survived an antitrust lawsuit from the attorneys general of 12 states and a suit from the Writers Guild of America, with regulators ultimately settling for a five-year consent decree built around behavioral remedies.
“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement, adding that the focus now is on “building a company that empowers creatives, entertains audiences and rewards shareholders.”
The closing was reported Tuesday morning by Deadline.