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Skydance

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Skydance Corporation
Skydance
FormerlyParamount Skydance Corporation (2025–2026)
TypePublic
ISINUS69932A2042
Industry
Predecessors
FoundedAugust 7, 2025
FounderDavid Ellison
Headquarters
One Astor Plaza, New York City (corporate)
5555 Melrose Avenue, Los Angeles, California (creative)
,
United States
Area served
Worldwide (except Russia, Belarus and North Korea)
Key people
  • David Ellison (chairman and CEO)
  • Ynon Kreiz (co-CEO)
  • Andy Gordon (president)
Products
  • films
  • television shows
  • video games
  • music
Brands
Services
RevenueDecrease US$28.9 billion (2025)
Increase US$934 million (2025)
Decrease US$−621 million (2025)
Total assetsDecrease US$43.3 billion (2025)
Total equityDecrease US$11.7 billion (2025)
Owners
Number of employees
53,100 (2026)
DivisionsStudios
Direct-to-Consumer
TV Media
SubsidiariesDC Studios
CNN Worldwide
Harbor Lights Entertainment
Websiteskydance.com
Footnotes
[4][5][6][7][8]

Skydance Corporation is an American multinational entertainment and media conglomerate that was founded on August 7, 2025. The company was formed through the merger of Paramount Global and Skydance Media and operated under the name of Paramount Skydance Corporation.[9][10] Shortly after, it submitted several bids to acquire Warner Bros. Discovery, and the companies entered into an acquisition agreement on February 27, 2026, with the deal closing on October 6, 2026, after an extensive antitrust review and settlement.[11][12][13] Upon the merger's completion, the company renamed itself as Skydance, and it operates Warner Bros. Entertainment and Paramount Pictures as separate film studios, along with an editorial board overseeing CBS News and CNN.[1]

David Ellison leads Skydance as its chairman and CEO, and the company trades on the New York Stock Exchange under the ticker symbol SKYD.[8][7] Its primary corporate headquarters are located at One Astor Plaza in New York City, along with The Studios at Paramount in Los Angeles on the creative side. The company operates businesses across film, television, streaming, and interactive media, with its core streaming services being HBO Max and Paramount+

Larry and David Ellison own the majority of the company, with a 77.5% majority stake of Skydance's voting shares and 47.2% of all shares.[14] RedBird Capital owns a minority stake composed of 22.5% of the voting shares and 13% of all shares.[15][16] David and Yvon Kreiz, the Co-CEO, wrote that "integrating two companies will bring change, including difficult decisions that affect our workforce", adding that management was "committed to handling this process thoughtfully.[17]

Background

National Amusements

Image
National Amusements logo (2020–2025)

National Amusements was founded by Michael Redstone, and later passed to his son Sumner Redstone. After his death on August 11, 2020, the company was passed to a trust led by his daughter Shari Redstone.

It was a movie theater operator and mass media holding company incorporated in Maryland and based in Norwood, Massachusetts,[18] controlled by the Redstone family. The company owned 69 theaters and 667 screens throughout the United States, the United Kingdom, and Latin America under several brands, such as Showcase Cinemas, Multiplex Cinemas, and Cinema de Lux. It was the controlling shareholder of Paramount Global.

Paramount Global

Image
Paramount Global logo (2022–2025)

The origins of Paramount Global can be traced to Paramount Pictures, established in 1912, and the development of CBS and Viacom as major broadcasting and media businesses. Paramount Pictures was acquired by Gulf and Western Industries in 1966, while National Amusements, controlled by the Redstone family, acquired Viacom in 1987. Viacom subsequently acquired Paramount Communications in 1994 and merged with CBS Corporation in 2000.[19]

In 2005, Viacom was divided into two publicly traded companies, CBS Corporation and Viacom. The companies reunited in December 2019 to form ViacomCBS, which was renamed Paramount Global in February 2022. The company operated film, television, streaming and broadcasting businesses, including Paramount Pictures, CBS, Nickelodeon, MTV, Paramount+ and Pluto TV.[20]

Skydance Media

Image
Skydance Media logo (2016–2020)

Skydance Media was founded by film producer David Ellison in 2010 as an independent film production and financing company. It developed a longstanding relationship with Paramount Pictures, co-financing and producing films in franchises including Mission: Impossible, Star Trek and Terminator. The companies renewed their production and distribution agreement in 2017.[21]

Skydance expanded beyond feature films into television, animation and interactive entertainment. Its television division launched in 2013, while its interactive entertainment business was established following the acquisition of game developer The Workshop Entertainment in 2016.[22] In 2017, the company expanded into animation through a partnership with Spain's Ilion Animation Studios.[23] In February 2020, Skydance received a $275 million investment from RedBird Capital Partners and CJ ENM, valuing the company at $2.3 billion.[24][25]

Warner Bros. Discovery

Image
Warner Bros. Discovery logo (2022–2026)

Warner Bros. Discovery was formed on April 8, 2022, through the combination of WarnerMedia, then owned by AT&T, and Discovery, Inc. The transaction brought together WarnerMedia's film, television, news and entertainment operations with Discovery's factual programming and international television businesses. Discovery, Inc. was renamed Warner Bros. Discovery, Inc., and the combined company began trading on the Nasdaq under the ticker symbol WBD on April 11, 2022.

The company's businesses included Warner Bros. Pictures, Warner Bros. Television, New Line Cinema, DC, HBO, CNN, Cartoon Network, Discovery Channel, TLC, Food Network and Warner Bros. Games. Its streaming services included HBO Max and Discovery+. David Zaslav, previously chief executive of Discovery, Inc., became president and chief executive officer of the combined company.[26][27]

History

Formation of Paramount Skydance (2023–2025)

In 2023, National Amusements, the controlling shareholder of Paramount Global, began exploring potential transactions involving the media conglomerate amid financial difficulties and increasing competition in the entertainment industry. Several companies expressed interest in acquiring or partnering with Paramount, including Skydance Media, Sony Pictures, Apollo Global Management and Warner Bros. Discovery.[28]

Negotiations between Paramount and Skydance initially collapsed in June 2024, but resumed the following month. On July 7, 2024, the companies announced a definitive agreement for a transaction involving the acquisition of National Amusements and the combination of Paramount Global and Skydance Media. The agreement included an investment of more than $8 billion from the Ellison family and RedBird Capital Partners. David Ellison, founder and chief executive of Skydance Media, was designated to lead the combined company, with Jeff Shell as president.[28][29]

The transaction underwent regulatory review throughout 2025. The Federal Communications Commission approved the merger on July 24, 2025, clearing a major remaining regulatory hurdle. The combination was completed on August 7, 2025, establishing Paramount Skydance Corporation, with Paramount Global and Skydance Media becoming its subsidiaries. Ellison assumed the positions of chairman and chief executive officer, and the company's Class B shares began trading on the Nasdaq under the ticker symbol PSKY.[29][30]

Paramount Skydance (2025–2026)

Image
Paramount Skydance logo (2025–2026)

Following the merger, Paramount Skydance reorganized its operations into three principal business segments: studios, direct-to-consumer and television media. Its initial leadership included Andy Gordon as chief operating officer, Cindy Holland as chair of direct-to-consumer, George Cheeks as chair of television media, and Dana Goldberg and Josh Greenstein as co-chairs of Paramount Pictures. The company also revived Paramount Television Studios, combining the operations of Skydance Television and Showtime/MTV Entertainment Studios.[31]

In August 2025, Paramount announced a seven-year agreement with TKO Group Holdings valued at approximately $7.7 billion, giving Paramount+ exclusive United States distribution rights to Ultimate Fighting Championship events beginning in 2026, with selected events also airing on CBS.[32] The following month, Paramount Pictures entered a three-year worldwide theatrical distribution agreement with Legendary Entertainment, beginning with the film Street Fighter.[33][34]

On October 6, 2025, Paramount announced its acquisition of the digital news publication The Free Press, appointing its founder Bari Weiss as editor-in-chief of CBS News.[35] Later that month, the company began a restructuring program involving approximately 2,000 planned job reductions, following its earlier announcement of a target to reduce operating costs by about $2 billion.[36]

Acquisition of Warner Bros. Discovery (2025–2026)

In June 2025, Warner Bros. Discovery (WBD) announced plans to separate its studios and streaming businesses from its television networks into two publicly traded companies.[37] The proposed restructuring attracted interest from several potential acquirers, including Paramount Skydance, Netflix and Comcast. In December 2025, WBD entered into an agreement for Netflix to acquire its studios and streaming operations, including Warner Bros. Pictures, HBO and HBO Max, following the planned separation of its television networks.[38][39]

Paramount continued pursuing an acquisition of WBD, submitting revised offers for the entire company. On February 26, 2026, WBD's board determined that Paramount's latest proposal of $31 per share in cash constituted a superior proposal to its existing Netflix agreement. Netflix declined to increase its offer and withdrew from the bidding process.[40] On February 27, Paramount Skydance and WBD announced a definitive agreement under which Paramount would acquire WBD for approximately $81 billion in equity value and $110 billion in enterprise value.[41][42]

WBD shareholders approved the transaction on April 23, 2026.[43] The proposed acquisition subsequently faced antitrust litigation from a coalition of twelve U.S. states and the Writers Guild of America. In September, Paramount and WBD reached settlements resolving these challenges. The states' settlement included commitments concerning theatrical film output, increased domestic production investment, television distribution practices and editorial independence safeguards for CBS News and CNN.[44] A federal court approved the states' consent decree on September 30, allowing the transaction to proceed.[45]

Skydance Corporation (2026–present)

On October 6, 2026, Paramount Skydance completed its acquisition of Warner Bros. Discovery. Under the transaction, a subsidiary of Paramount Skydance merged into WBD, which survived as a wholly owned subsidiary of the acquiring company. Paramount Skydance Corporation subsequently changed its legal name to Skydance Corporation. Its Class B common stock transferred from Nasdaq to the New York Stock Exchange, changing its ticker symbol from PSKY to SKYD, while WBD shares ceased trading independently.[46]

The acquisition brought together the film studios Paramount Pictures and Warner Bros. Pictures, streaming services including Paramount+, HBO Max and Discovery+, television networks such as CBS, CNN, HBO, Nickelodeon, Discovery Channel, Cartoon Network and businesses including DC Studios, Warner Bros. Games and TNT Sports.[13]

David Ellison remained chairman and chief executive officer of Skydance, while former Mattel chief executive Ynon Kreiz became co-chief executive officer, responsible for day-to-day operations and integration. Andy Gordon became president, while other appointments included Casey Bloys to oversee streaming content and Dana Goldberg and Josh Greenstein to lead the combined motion picture group.[47] The company announced plans to integrate its streaming operations and pursue at least $6 billion in annual cost savings within three years.[12]

Several days after the merger closed, over 200 gigabytes worth of assets, promotional and behind the scenes material, and puppet rigs belonging to shows from Cartoon Network and its sister channel Adult Swim alongside Warner Bros. Animation leaked to the general public.[48][49]

Divisions

Skydance operates businesses in film and television production, streaming, broadcasting, news, sports, video games, publishing and consumer products. Following its acquisition of Warner Bros. Discovery in October 2026, its portfolio encompasses the former Paramount Skydance and Warner Bros. Discovery operations.[50]

Film and television studios

Image
Image
The logos of Paramount Pictures and Warner Bros. Pictures, representing two of the three major film production businesses associated with Skydance Corporation.

Skydance Studios oversees the company's theatrical film production and distribution operations. Led by Dana Goldberg and Josh Greenstein, it encompasses the Paramount Pictures and Warner Bros. Pictures film studios and their associated production labels.[51]

Image
Warner Bros. Studios in Burbank

Skydance TV encompasses the company's television production studios and television network businesses. Its production operations include Warner Bros. Television, CBS Studios and Paramount Television Studios, along with animation businesses such as CBS Eye Animation Productions, Nickelodeon Animation Studio, Warner Bros. Animation, Cartoon Network Studios and Hanna-Barbera Studios Europe. The division is co-led by George Cheeks and JB Perrette.[51]

Streaming and direct-to-consumer

Skydance Direct-to-Consumer (DTC) oversees the company's subscription-based and advertising-supported streaming businesses. Its principal services include Paramount+, HBO Max, Discovery+ and Pluto TV, and its interest in SkyShowtime, a joint venture with Comcast.[51][50]

The division is led by Casey Bloys, co-chair and chief content officer, and JB Perrette, co-chair and chief business officer. Bloys oversees original programming across HBO Max and Paramount+, while Perrette oversees areas including distribution, strategy, marketing and business operations. Following the acquisition, Skydance announced plans to integrate its streaming operations.[51]

Television networks

Skydance TV oversees the combined company's broadcast and cable television businesses in the United States and internationally. Its television holdings include:[51][52]

Image
Paramount Studios in Hollywood
  • International television – includes 5 in the United Kingdom, Network 10 in Australia, TVN in Poland, and international television networks formerly operated by Paramount and Warner Bros. Discovery, including Eurosport.

News and sports

Skydance owns two major television news organizations, CBS News and CNN. CBS News is led by editor-in-chief Bari Weiss, while Mark Thompson serves as chairman and editor-in-chief of CNN Worldwide. Both report to the company's co-chief executives, David Ellison and Ynon Kreiz.[51]

Its sports broadcasting and production businesses include CBS Sports, TNT Sports, CBS Sports Network, Eurosport and Paramount Sports Entertainment. The latter includes Skydance Sports, which produces scripted and unscripted sports programming and develops sports-related entertainment projects.[50][53]

Consumer products, publishing, gaming and experiences

Skydance Products & Publishing oversees the combined company's consumer products, publishing, and licensing efforts associated with its entertainment properties via its Paramount Consumer Products, Warner Bros. Discovery Global Consumer Products, Paramount Global Publishing, and DC Comics units.[54]

Its interactive entertainment and experiences division includes Paramount Games Studio and Warner Bros. Games, which publish and develop video games based on company-owned and licensed intellectual properties. The broader portfolio also encompasses the licensing of attractions and experiences associated with Warner Bros., Paramount, and DC properties.[52][55]

Corporate affairs

Management

Enterprise leadership

Corporate leadership team

Business leadership team

News leadership team

See also

References

  1. 1 2 Fischer, Sara; Wang, Christine (October 2, 2026). "Skydance will be name of combined Paramount-Warner Bros. Discovery". Axios. Archived from the original on October 3, 2026. Retrieved October 3, 2026.
  2. ↑ Passantino, Jon (October 3, 2026). "Ellison's Media Titanic". Archived from the original on October 4, 2026. Retrieved October 15, 2026.
  3. ↑ Spangler, Todd (April 27, 2026). "Paramount-Warner Bros. Discovery Will Be 38.5% Owned by Middle Eastern Funds Following Close: Filing". Variety. Penske Media Corporation. ISSN 0042-2738. OCLC 60626328. Retrieved October 6, 2026.
  4. ↑ "2025 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 25, 2026. Archived from the original on February 28, 2026. Retrieved February 26, 2026.
  5. ↑ Hayes, Dade (August 7, 2025). "Paramount Shifting Its Corporate Headquarters To L.A., Keeping Skydance Base In Santa Monica". Deadline Hollywood. Penske Media Corporation. Archived from the original on August 8, 2025. Retrieved August 8, 2025.
  6. ↑ Patten, Dominic (August 13, 2025). "Paramount Layoffs Will Be "Painful" But One & Done, Jeff Shell Promises; David Ellison Keeps Timeline Private For Now". Deadline Hollywood. Penske Media Corporation. Archived from the original on August 14, 2025. Retrieved August 15, 2025.
  7. 1 2 "SEC Fillings". Skydance Investor Relations. Retrieved October 12, 2026.
  8. 1 2 Schepp, David (October 14, 2026). "Skydance Corporation". britannica.com. Retrieved October 14, 2026.
  9. ↑ "Paramount Skydance 2026 Company Profile: Stock Performance & Earnings". PitchBook. Archived from the original on April 20, 2026. Retrieved March 3, 2026.
  10. ↑ "Skydance Media and Paramount Global Complete Merger, Creating Next Generation Media Company". Paramount Skydance Corporation (Press release). August 7, 2025. Archived from the original on August 7, 2025. Retrieved August 7, 2025.
  11. ↑ Rizzo, Lillian; Whitten, Sarah (September 21, 2026). "Paramount and state AGs will settle lawsuit, allowing Warner Bros. merger to proceed, reports say". CNBC. Archived from the original on September 21, 2026. Retrieved September 21, 2026.
  12. 1 2 Spangler, Todd (October 6, 2026). "Paramount-Warner Bros. $111 Billion Merger Closes: 'Today Is a Historic Day, Not Just for Skydance but for Our Entire Industry,' David Ellison Says". Variety.
  13. 1 2 "From HBO Max to Harry Potter, here's what's now under the Skydance umbrella". Associated Press. October 6, 2026.
  14. ↑ "Paramount Skydance Corporation QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026". Archived from the original on August 24, 2026. Retrieved August 24, 2026.
  15. ↑ "Paramount Skydance Corporation Form 10-K/A for 2025". Archived from the original on August 27, 2026. Retrieved August 26, 2026.
  16. ↑ "AMENDMENT NO. 4 TO FORM S-4 REGISTRATION STATEMENT for NEW PLUTO GLOBAL, INC. (2025)".
  17. ↑ Spangler, Todd (October 6, 2026). "Skydance CEOs Acknowledge Layoffs Will Be Coming After Paramount-Warner Bros. Merger: Read the Full Memo". Variety. Penske Media Corporation. ISSN 0042-2738. OCLC 60626328. Retrieved October 6, 2026.
  18. ↑ U.S. Securities and Exchange Commission (March 26, 2018). "U.S. Securities and Exchange Commission EDGAR".
  19. ↑ Paramount Warner Merger: Corporate Baseline and Enterprise Operations (PDF) (Report). County of Los Angeles. March 17, 2026.
  20. ↑ Chmielewski, Dawn (July 8, 2024). "Paramount, Skydance merger deal ends Redstone era". Reuters. Retrieved October 12, 2026.
  21. ↑ "Skydance Media to Stay at Paramount in Multi-Year Deal". Skydance Media. August 7, 2017. Archived from the original on August 19, 2019.
  22. ↑ "Award-winning Skydance Television producer-writer Marti Noxon names Maria Grasso president of Tiny Pyro" (PDF) (Press release). Skydance Media. July 8, 2016. Archived (PDF) from the original on October 23, 2023.
  23. ↑ "Skydance Names Award-Winning Directors Vicky Jenson and Alessandro Carloni to Its First Two Animated Feature Films" (Press release). Skydance Media. July 31, 2017. Archived from the original on August 19, 2019.
  24. ↑ "Skydance Media Announces Strategic Investment by RedBird Capital Partners and CJ Entertainment and Merchandising" (PDF) (Press release). Skydance Media. February 11, 2020. Archived (PDF) from the original on May 25, 2022.
  25. ↑ ""Parasite" studio CJ Entertainment buys into Hollywood". Axios. February 12, 2020. Retrieved October 12, 2026.
  26. ↑ Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023 (Report). Warner Bros. Discovery. 2024. Retrieved October 12, 2026.
  27. ↑ "WarnerMedia, Discovery complete merger, become Warner Bros Discovery". Reuters. April 8, 2022. Retrieved October 12, 2026.
  28. 1 2 "Skydance Media and Paramount Global Sign Definitive Agreement to Advance Paramount as a World-Class Media and Technology Enterprise" (Press release). Paramount Global. July 7, 2024. Archived from the original on July 8, 2024.
  29. 1 2 Grantham-Philips, Wyatte (August 7, 2025). "Paramount and Skydance close their $8 billion merger, kicking off reign of new entertainment giant". Associated Press.
  30. ↑ "Paramount Skydance Corporation, Current Report on Form 8-K". U.S. Securities and Exchange Commission. August 7, 2025.
  31. ↑ "David Ellison to lead combined company after Paramount-Skydance merger closes". Reuters. August 4, 2025.
  32. ↑ "Paramount to become exclusive US home for UFC in $7.7 billion streaming deal". Reuters. August 11, 2025.
  33. ↑ "Paramount Pictures and Legendary Entertainment Strike Strategic Three-Year Global Distribution Deal" (Press release). Paramount Skydance Corporation. September 4, 2025. Archived from the original on September 5, 2025.
  34. ↑ "Paramount, Legendary Entertainment strike deal for 'Street Fighter' film". Reuters. September 4, 2025. Retrieved October 12, 2026.
  35. ↑ "Paramount Announces Deal to Acquire The Free Press" (Press release). Paramount. October 6, 2025. Archived from the original on October 13, 2025.
  36. ↑ Fischer, Sara (October 29, 2025). "Paramount to lay off 2,000 people following Skydance merger". Axios.
  37. ↑ "Warner Bros Discovery separates streaming from cable TV in two-way split". Reuters. June 9, 2025.
  38. ↑ "Netflix to Acquire Warner Bros. Following the Separation of Discovery Global for a Total Enterprise Value of $82.7 Billion" (Press release). Netflix. December 5, 2025.
  39. ↑ "Netflix to buy Warner Bros Discovery's studios, streaming unit for $72 billion". Reuters. December 5, 2025. Retrieved October 12, 2026.
  40. ↑ "Warner Bros. Discovery Board of Directors Determines Revised Proposal from Paramount Skydance Constitutes a Company Superior Proposal" (Press release). Warner Bros. Discovery. February 26, 2026.
  41. ↑ "Paramount to Acquire Warner Bros. Discovery to Form Next-Generation Global Media and Entertainment Company" (Press release). Paramount Skydance Corporation. February 27, 2026. Archived from the original on February 27, 2026.
  42. ↑ "Paramount to buy Warner Bros Discovery in $110 billion deal as Netflix bows out of race". Reuters. February 27, 2026. Retrieved October 12, 2026.
  43. ↑ "Warner Bros. Discovery Stockholders Approve Transaction with Paramount Skydance" (Press release). Warner Bros. Discovery. April 23, 2026. Archived from the original on April 23, 2026.
  44. ↑ "Key terms of Paramount's Warner Bros Discovery settlement with US states". Reuters. September 21, 2026.
  45. ↑ "Paramount Skydance Corporation, Current Report on Form 8-K". U.S. Securities and Exchange Commission. September 30, 2026.
  46. ↑ "Skydance Corporation, Current Report on Form 8-K". U.S. Securities and Exchange Commission. October 6, 2026.
  47. ↑ White, Peter; Goldsmith, Jill (October 5, 2026). "Paramount-WBD Unveils Executive Structure". Deadline Hollywood.
  48. ↑ Carter, Justin (October 11, 2026). "Cartoon Network Classics Exposed in Massive Leak". Gizmodo. Retrieved October 12, 2026.
  49. ↑ Townsend, Chance (October 11, 2026). "A massive Cartoon Network leak exposes decades of behind-the-scenes animation files". Mashable. Retrieved October 12, 2026.
  50. 1 2 3 "Paramount Completes Acquisition of Warner Bros. Discovery, Creating a New Global Entertainment Leader, Skydance" (Press release). Skydance Corporation. October 6, 2026. Archived from the original on October 6, 2026.
  51. 1 2 3 4 5 6 7 "David Ellison and Ynon Kreiz Announce their CEO Leadership Team for Skydance Following Anticipated Close of Warner Bros. Discovery Acquisition" (Press release). Paramount Skydance Corporation. October 5, 2026. Archived from the original on October 5, 2026.
  52. 1 2 Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2025 (Report). Warner Bros. Discovery. 2026.
  53. ↑ "Paramount Sports Entertainment". Paramount. Archived from the original on May 8, 2026. Retrieved October 12, 2026.
  54. ↑ Spangler, Todd (October 9, 2026). "DC Comics Now Sits Within Skydance Products & Publishing Division Under Josh Silverman, Alongside Warner Bros. and Paramount Consumer Products Groups". Variety. Archived from the original on October 9, 2026. Retrieved October 14, 2026.
  55. ↑ Bonthuys, Darryn (October 7, 2026). "Skydance Is Merging Paramount And Warner Bros.' Game Studios Into One Unit". GameSpot. Archived from the original on October 8, 2026. Retrieved October 14, 2026.
  56. ↑ Goldsmith, Jill (October 7, 2026). "New Skydance Sets Leadership Across Games, Products, HR". Deadline Hollywood. Penske Media Corporation. Retrieved October 7, 2026.
  57. 1 2 Schneider, Michael (October 9, 2026). "Channing Dungey Extends Deal at Skydance As Head of Warner Bros. TV Group and U.S. Networks". Variety. Archived from the original on October 9, 2026. Retrieved October 14, 2026.
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