Paramount has officially acquired AEW‘s media partner, Warner Bros. Discovery, in a $110 billion deal.

As expected, the highly anticipated merger between Paramount Skydance Corporation and Warner Bros. Discovery closed on Tuesday, October 6, 2026. The combined entity will be called Skydance. Paramount Chairman and CEO David Ellison and Co-CEO Ynon Kreiz will lead it with a new CEO Leadership Team they announced yesterday. AEW currently has a media rights deal with WBD up to the end of 2027, with an option for 2028.

The new combined company, Skydance, has announced the historic WBD acquisition via an official press release.

“LOS ANGELES and NEW YORK, Oct. 6, 2026 /PRNewswire/ — Skydance Corporation (f/k/a Paramount Skydance Corporation) (NYSE: SKYD) (“Paramount”) today announced the completion of its acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD) (“WBD”), creating a combined company, named “Skydance.” The company brings together two major film studios, two global streaming services, a premier television portfolio including CBS, HBO, and Paramount’s and WBD’s cable networks, two of the industry’s most recognized news networks, CBS News and CNN, and a portfolio of live sports including CBS Sports and TNT Sports, as well as a deep programming library and expansive collection of brands and franchises. The transaction closed following receipt of all required regulatory approvals under the merger agreement and satisfaction of other customary closing conditions. Skydance Class B shares will begin trading today on the New York Stock Exchange (NYSE) under the new ticker symbol ‘SKYD.’

“Under the terms of the agreement, WBD shareholders received an amount in cash equal to $31.01666668 per share. WBD shares have ceased trading on NASDAQ, effective today.

“The completed transaction unites two of media and entertainment’s most storied companies, each with a history spanning more than a century, giving the combined business a rare legacy to build on. The aim of the combined company is to build the next-generation global media and entertainment company powered by creativity and technology."

David Ellison, Chairman and CEO of Skydance, said: “Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”

Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, said: “This is a defining moment for the industry. By applying our owner-operator model to Paramount and WBD’s unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that’s undergoing transformational change. David, our Co-CEO Ynon Kreiz, and the rest of our world-class Skydance team have the vision and track record to lead through this change. We’re proud to back them as we build a stronger Hollywood, expand opportunities for talent, and create long-term value for our shareholders.”

The $110 billion WBD acquisition also includes: “As previously stated, the transaction included $47 billion of new equity investment in Class B Common Stock, led by the Ellison Family, RedBird, Public Investment Fund (PIF), L’IMAD, Qatar Investment Authority (QIA) and LionTree, which was priced at $12.00 per share. The debt financing for the transaction was led by Bank of America, Citigroup and Apollo.”