Paramount Skydance is the entity formed by the merger of Paramount Global and Skydance Media, completed on 7 August 2025 following FCC approval. Listed on Nasdaq as PSKY, it is led by David Ellison (chair and CEO, Skydance's founder). The deal was valued at approximately $8 billion and consolidated CBS, Paramount+, Nickelodeon, MTV, Comedy Central, BET, and the Paramount film studio under a single controlling shareholder.

In early 2026 Paramount Skydance agreed to acquire Warner Bros. Discovery in a deal valued at approximately $110 billion ($31 per WBD share). Warner shareholders approved in April 2026. On 12 June 2026 the US Department of Justice antitrust division cleared the transaction, finding it not likely to harm competition or American consumers. The European Commission cleared the deal under the Foreign Subsidies Regulation on 14 July 2026, subject to a remedy: Paramount is exiting its United International Pictures film-distribution joint venture with Universal Pictures, a decision due 22 July 2026. The FCC, however, let its 1 July 2026 "may not close" Deadline lapse without ruling on the combined entity's 49.5 per cent foreign-ownership stake, leaving the review pending a Team Telecom sign-off. On 13 July 2026 a Coalition of twelve US state attorneys general, including California's Rob Bonta, sued in the Northern District of California seeking a temporary restraining order to block the merger outright.

If all approvals clear, Paramount Skydance will become one of the largest media conglomerates in US history, controlling CBS, Paramount+, Max, HBO, CNN, Warner Bros. studio, discovery+, and Cartoon Network. Whoever closes the deal also inherits Warner Bros. Discovery's commitment to rebuilding its entire US advertising technology stack on Amazon Web Services using Bedrock AgentCore, an AI-native infrastructure chosen before the merger closed. That dependency embeds Amazon at the centre of the combined group's commercial operations from day one.

Common Questions

What media brands does Paramount Skydance own?

Currently: CBS, Paramount+, Nickelodeon, MTV, Comedy Central, BET, and the Paramount film studio. If the Warner Bros. Discovery deal closes, it adds Max, HBO, CNN, TBS, Warner Bros. film studio, discovery+, and Cartoon Network.Source: Lowdown

Why does the FCC still need to approve the Paramount Warner Bros deal?

US law caps foreign ownership of broadcast licences at 50 per cent. After the Skydance merger, the combined Paramount Skydance entity is already 49.5 per cent foreign-owned. Absorbing Warner Bros. Discovery would breach that ceiling unless the FCC grants a waiver, making FCC approval the most uncertain of the remaining clearance gates.Source: Lowdown

Who owns Paramount Skydance?

David Ellison, founder of Skydance Media, chairs and leads Paramount Skydance following the $8 billion merger completed in August 2025. Skydance's acquisition gave Ellison majority voting control of the combined entity, which is listed on Nasdaq as PSKY.Source: Lowdown

Has the Paramount Warner Bros merger been approved?

Not completed. The US Department of Justice cleared the deal on 12 June 2026 and the European Commission approved it on 22 July 2026, subject to divesting a stake in the Universal International Pictures distribution joint venture and a ten-year commitment on European distribution. Completion is nonetheless blocked: Judge Araceli Martinez-Olguin granted a temporary restraining order on 20 July, extended it through 17 August, and on 24 July entered a stipulation not to close that Paramount Skydance filed itself, covering three related cases. On 31 July the parties filed a joint statement on trial scheduling.Source: Lowdown

What did the European Commission require to clear the Paramount-WBD deal?

The European Commission cleared the merger under the Foreign Subsidies Regulation on 14 July 2026 on condition Paramount exits its United International Pictures film-distribution joint venture with Universal Pictures, with a decision due 22 July 2026.Source: Lowdown

Is the Paramount-Warner Bros. Discovery merger being blocked?

A Coalition of 12 US state attorneys general sued on 13 July 2026 in the Northern District of California, seeking a temporary restraining order to stop Paramount Skydance's $110bn acquisition of Warner Bros. Discovery from closing.Source: Lowdown

Source Material

Skydance and Paramount complete merger Paramount Skydance

How the World Sees Them

Advertisers

The merged entity's combined streaming footprint (Paramount+, Max, discovery+) would create one of the largest US streaming ad markets, increasing both negotiating leverage and scale for advanced ad formats.

European regulators

EU merger control review is a parallel path; WBD's significant EU streaming presence (HBO content, discovery+) gives EU competition authorities grounds for a full Phase II investigation.

US antitrust regulators

A combined Paramount Skydance + WBD entity would control CBS, HBO, CNN, Paramount+, Max, and Warner Bros. film; regulatory approval is the primary risk to Q3 2026 close.