The $110 billion megamerger of Paramount and Warner Bros. Discovery that overcame legal, political and business battles was a done deal Tuesday with the new company adopting the name Skydance.
“Today is a historic day, not just for Skydance but for our entire industry,” Skydance CEO David Ellison said in a statement. “We couldn’t be more excited to get to work.”
Ellison has said the Skydance name was chosen to retain the individual identities of Paramount and Warner Bros studios.
He named Mattel’s former CEO Ynon Kreiz as Skydance co-chief executive to run day-to-day operations and lead the merger, while Ellison oversees creative direction and overall strategy.
The combined company brings together the two major film studios, two global streaming services, television assets including CBS, HBO, and Paramount’s and WBD’s cable networks, as well as two of the industry’s most recognized news networks with CBS News and CNN, and a content portfolio that includes live sports, a deep programming library and expansive collection of iconic brands and franchises.
The franchise portfolio spans “Top Gun” and “Harry Potter” to “White Lotus” and “SpongeBob SquarePants.”
Skydance Class B shares will begin trading Tuesday on the New York Stock Exchange under the new ticker symbol “SKYD.”
WBD’s common stock has ceased trading on the Nasdaq Exchange. The Ellison Family holds the largest equity stake in Skydance, and the Ellison Family and RedBird Capital Partners together are the sole holders of Paramount Class A Common Stock, including 100% of the combined company’s voting shares, according to a statement from the company.
“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,” Ellison said. “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.”
David Zaslav, president and chief executive of WBD, bid farewell to the company’s employees Monday in a video available only on WBD’s internal portal, Variety reported.
Zaslav, who is expected to exit WBD with the megamerger, expressed gratitude for the employees’ hard work and creativity over the years, according to the Hollywood trade publication.
The video includes a montage of WBD’s biggest hits, including clips from “The Pitt,” “The Lego Movie,” “Barbie” and “Dune,” Variety said.
The transaction cleared a major legal hurdle last week when a federal judge approved a settlement resolving an antitrust challenge brought by California and 11 other states.
The combined company includes Paramount Pictures, Warner Bros. Pictures, CBS, CNN, HBO, HBO Max, Paramount+, MTV, TBS, TNT, Comedy Central, Food Network, Discovery, HGTV, Nickelodeon, Cartoon Network, BET, Showtime, Pluto TV and other businesses.
The Skydance name traces back to the entertainment company Ellison founded in 2006. His Skydance Media combined with Paramount in 2025, creating Paramount Skydance.