American multinational mass media and entertainment conglomerate
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Also known as Paramount Skydance Corporation, Paramount, Paramount: A Skydance Corporation
Key facts
Country
United States
Headquarters
Los Angeles
Inception
August 7, 2025
Website
https://www.paramount.com/
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Paramount Skydance Corporation (doing business as Paramount) is an American multinational mass media and entertainment conglomerate. The company's primary corporate headquarters is located at the Paramount Pictures lot in the Hollywood neighborhood of Los Angeles, California, and Paramount's secondary and operational headquarters, alongside many of Paramount's divisions and subsidiaries, as well as one of Paramount's major offices and meeting places is headquartered at the previous Paramount Global headquarters at One Astor Plaza in New York City. CBS, a major Paramount asset, is also headquartered in New York City, but at the CBS Building and the CBS Broadcast Center both in Midtown Manhattan. Paramount Skydance also houses major offices and operations at the previous Skydance Media headquarters in Santa Monica, California.
Paramount Skydance was formed on August 7, 2025, by David Ellison, through the merger of Skydance Media, Paramount Global, and National Amusements. The company trades under the ticker symbol "PSKY" on the Nasdaq.
Shortly after its formation, Paramount Skydance began pursuing an unsolicited bid to acquire Warner Bros. Discovery and subsequently won a bidding war for the company in February 2026. Paramount Skydance's purchase of WBD was approved by the U.S. Department of Justice on June 12, 2026. However, on July 24, 2026, the proposed merger, which is facing widespread anti-trust legal action, was delayed until June 1, 2027. On August 4, 2026, a federal judge ruled in favor of holding the antitrust trial related to the proposed Paramount-WBD merger in March 2027, denying Paramount's request to hold it in the fall of 2026.
Contents
Background
Through an assortment of corporate mergers, splits, and partnerships, Paramount Pictures, CBS, Viacom, and Skydance Media shared a long history prior to the 2025 merger joining the entities as Paramount Skydance.
1912–1986
Paramount Pictures was founded in 1912 as the Famous Players Film Company. CBS was founded in 1927, which Paramount Pictures held a 49% ownership stake in from 1929 to 1932.
In 1952, CBS formed CBS Television Film Sales, a division which handled broadcast syndication rights for CBS's library of network-owned television series. This division was renamed CBS Films in 1958 and again renamed CBS Enterprises Inc. on December 1, 1967. It was renamed Viacom (an acronym of Video and Audio Communications) in 1970. In 1971, this syndication division was spun off amid new FCC rules forbidding television networks from owning syndication companies. These rules were eventually abolished completely in 1993.
Meanwhile, Paramount Pictures was acquired by Gulf and Western Industries in 1966, which then re-branded itself as Paramount Communications in 1989.
1986–2005
In 1986, Viacom purchased MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express. In 1987, a majority stake in Viacom was acquired by theater operator company National Amusements.
Viacom then purchased a 50.1% stake in Paramount Communications in February 1994 for $9.75 billion, following a five-month battle with shopping channel QVC. The merger was completed in July. In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS Corporation (the renamed Westinghouse Electric Corporation, which had merged with CBS in 1995). The merger was completed in 2000, resulting in CBS reuniting with its former syndication division.
2005–2022
On December 31, 2005, Viacom was split into two companies: the second incarnation of CBS Corporation, the former's corporate successor, and the second incarnation of Viacom, which was formed as a spin-off.
Skydance Media was founded in 2006 by David Ellison. In 2009, Skydance and Paramount Pictures signed a five-year co-financing, production and distribution agreement, with Paramount holding an additional option of distribution. That deal would later be extended twice in 2013 and 2017.
History
Formation
In 2023, after struggling with debt and striving to remain competitive in the entertainment industry, Paramount's parent company, National Amusements, explored potential merger and acquisition opportunities for Paramount Global. Numerous prominent companies, such as Sony Pictures, Warner Bros. Discovery, Apollo Global Management, Warner Music Group, Allen Media Group, and Skydance Media, had indicated their interest in exploring potential business partnerships or purchasing the company.
After first coming to a merger deal with Skydance, Paramount and Skydance canceled the proposed merger on June 11 due to unsatisfactory conversations. Following a break in the talks, Skydance was able to reach a preliminary agreement on July 2, 2024, to perform a 3-way merger between it, National Amusements, and Paramount to establish what was then known as "New Paramount". After the merger closed, Skydance Media CEO David Ellison became the chairman and CEO of the combined company and Jeff Shell became the president.
Paramount said in February 2025, and May 2025, that it expected the transaction to close within the first half of the year, but it did not happen. With the deal not yet approved, the first automatic extension to July 7, 2025, went into effect on April 8, 2025, after which the second automatic extension to October 4, 2025, went into effect on July 7, 2025. The SEC and the European Commission (EC) approved the transaction in February 2025. On July 24, 2025, the FCC approved the merger between Paramount Global and Skydance Media.
Merger restructuring
On August 4, 2025, Paramount Skydance announced some of its new leadership alongside Ellison and Shell, with Andy Gordon joining as COO and strategy officer; Cindy Holland leading streaming services Paramount+ and Pluto TV; Dana Goldberg and Josh Greenstein co-leading Paramount Pictures; and Paramount Global veteran George Cheeks leading television networks. It was also announced the same day that the company would comprise 3 major units: studios (consisting of Paramount Pictures, Skydance Pictures, Nickelodeon Movies and other divisions such as those for film, television and video games), direct-to-consumer (Paramount+ and Pluto TV) and television media (CBS, BET, MTV, Nickelodeon among others). It also announced the merger of Showtime/MTV Entertainment Studios and Skydance Television into a revival of Paramount Television Studios to be headed by Matt Thunell. Oversight of the television units would be split, with Thunell heading the studios division (focusing on the streaming services) and George Cheeks overseeing production for the television media division (focusing on the linear networks), as well as South Park, which renewed its standing with Paramount in a deal worth $1.5 billion. Three months later in October following Paramount Skydance's relaunch of Paramount Television Studios, it was announced that Nickelodeon Group's live-action studio Nickelodeon/Awesomeness Live-Action aka Nickelodeon Productions and Awesomeness' production studio including Nickelodeon's & Awesomeness' production slates was folded into Paramount Television Studios, with the relaunched studio taking over Nickelodeon's current production slate alongside Awesomeness' current productions, and would produce their future production slates beginning with the upcoming Victorious spin-off series Hollywood Arts which was originally ordered at Nickelodeon had moved to Netflix as its first Nickelodeon-branded series produced by the revived studio.
On August 5, 2025, Paramount Skydance announced layoffs of around 1,000 employees and a slashing of $2 billion in operating costs, alongside interest in a merger of Paramount+ and Pluto TV with assist from Oracle Corporation. On August 7, Jeff Shell announced that Paramount Skydance was exploring a sale of the NAI cinemas. On August 8, Paramount announced that they would be based in the Paramount Pictures lot in Los Angeles, departing from One Astor Plaza for the first time since the first Viacom moved there in 1994. On August 11, Paramount announced a seven-year deal with TKO Group Holdings where Ultimate Fighting Championship (UFC) will be exclusively distributed in the United States. UFC's 13 marquee numbered events and 30 "Fight Nights" will air on its streaming platform, Paramount+, with select numbered events also set to simulcast on CBS starting in 2026.
Proposed acquisition of Warner Bros. Discovery and departure of Jeff Shell
In September 2025, The Wall Street Journal and others reported that Paramount Skydance was weighing a takeover of Warner Bros. Discovery, a deal that, unlike the Skydance–Paramount tie-up, was expected to sidestep Federal Communications Commission review because WBD holds no broadcast licenses. The idea drew immediate political scrutiny, with Senator Elizabeth Warren urging regulators to stop it, while price talk swung widely: early chatter reached about $70 billion, mid-month commentary pointed to the mid-$50 billion range, and by September 19 reporting centered on scenarios "north of" $45 billion alongside a potential $22–$24 per-share offer structure that could be 70–80% cash, with support from Larry Ellison. By September 29, CNBC's David Faber suggested a friendly agreement looked unlikely and that Paramount might need to take any bid directly to WBD shareholders.
Industry voices spent the month debating what such a combination would mean. UTA chief David Kramer called it a mixed prospect for Hollywood, and FX Networks chairman John Landgraf predicted that large-scale consolidation among legacy studios was essentially unavoidable. Strategically, observers noted the sheer scale on offer: Paramount Skydance's roughly 4,500-film (including the entire of Miramax, pre-2005 Dimension Films, pre-February 1952 United Artists and pre-2011 DreamWorks Pictures libraries), 200,000-episode library (including the CBS/Paramount Television, Spelling Television and libraries from the cable networks alongside the pre-1973 programming libraries of NBC and ABC) alongside Warner Bros.' catalog of about 10,000 films (including the pre-May 1986 MGM and pre-May 1982 Orion Pictures libraries) and 120,000 episodes (including the Turner, HBO, Discovery and Scripps legacy libraries). Much industry speculation centred around how this could change competition, and the line-up of streaming services such as Pluto TV. Financially, late-month research cautioned that even post-deal, most earnings power would still come from traditional TV: Bernstein Research estimated roughly 70% of EBITDA would be tied to linear networks, even as KPMG highlighted US content spend surpassing $200 billion and continuing to rise.
On October 2, 2025, CNBC speculated that their then-parent company, NBCUniversal, prior to its spin-off into Versant, could be the biggest wild card for the acquisition of Warner Bros. Discovery's assets. On October 13, 2025, Warner Bros. Discovery rejected a proposed first bid from Paramount Skydance, but Paramount Skydance is considering to raise their offer or go directly to Warner Bros. Discovery's shareholders. On October 21, the New York Post said that Warner Bros. Discovery had privately rejected a new $24-a-share bid by Paramount Skydance. On October 8, the New York Post reported that Paramount Skydance was in talks with major private equity firms, including Apollo Global Management (the company that owns Legendary Entertainment and Cox Media Group) to join its possible bid to buy Warner Bros. Discovery which could cost upwards of $60 billion. On October 28, 2025, Paramount CEO David Ellison said that he plans to shut down HBO Max as a standalone streaming service, and merge it with Paramount+ if the merger goes through, following Bob Iger's plans to shut down Hulu and merge it with Disney+ in 2026 (Hulu has already replaced Star in international markets outside of the United States and Japan). Ellison also says that Paramount wanted to keep most of Warner Bros. Discovery intact.
Company units
Paramount Skydance comprises 3 major business segments:
Paramount Skydance Studios consists of the company's film and television production studios.
Paramount Motion Picture Group focuses on theatrical film production and distribution, including film releases under Paramount Pictures, the company's namesake division and flagship label as well as the Paramount Animation, Paramount Players, Paramount Primal and Nickelodeon Movies labels. Other assets include Skydance Animation (and its animation studio division, Skydance Animation Madrid), Republic Pictures and a 49% stake in Miramax. Paramount Pictures also consists of Paramount Studio Group (physical studio and post-production), production facilities and lot, and archives for restoration/preservation for Paramount Home Entertainment and Music.
Paramount Television Group which consists of Paramount Television Studios and CBS Studios (including BET Studios and Nickelodeon Animation Studio (including Avatar Studios)), both focusing on television production.
Paramount Experiences focuses on the retailing and licensing of merchandising for Paramount Consumer Products, and also consists of some theme parks, and gaming at Paramount Games Studio.
Paramount Sports Entertainment focuses on scripted and unscripted sports programming, as well as interactive sports games and experiences. The division also oversees Skydance Sports, a joint venture with the NFL.
Paramount Skydance Direct-to-Consumer focuses on the global over-the-top streaming services, and encompasses Paramount+, Pluto TV, SkyShowtime (50% with Comcast through Sky Group), CBS News 24/7, CBS Sports HQ, and an undisclosed stake in FuboTV, which it acquired in 2020.
Paramount Skydance TV Media encompasses the company's domestic and international linear television channels. The division also oversees See It Now Studios and a 50% stake in South Park Digital Studios.
Leadership
Board of directors
Source:
David Ellison (chairman)
Barbara M. Bryne
Andy Campion
Gerry Cardinale
Safra A. Catz
Andy Gordon
Justin G. Hamill
Sherry Lansing
Paul Marinelli
John L. Thornton
Executives
David Ellison, chairman and CEO
Jay Askinasi, chief revenue officer
George Cheeks, chairman of TV media
Dennis K. Cinelli, chief financial officer
Makan Delrahim, chief legal officer
Dane Glasgow, chief product officer
Dana Goldberg, co-chair of Paramount Pictures and chair of Paramount Television
Andy Gordon, chief strategy officer and chief operating officer
Josh Greenstein, co-chair of Paramount Pictures and vice chair of Platforms
Cindy Holland, chair of direct-to-consumer
Stephanie Kyoko McKinnon, general counsel
Jim Sterner, chief people officer
Melissa Zukerman, chief communications officer
Article from Wikipedia (CC BY-SA 4.0), where it is maintained by volunteer editors.
On August 13, 2025, Paramount announced that Top Gun 3, Star Trek, and other projects were now priorities. Paramount executives are looking to release twenty films per year. Cindy Holland, chairperson of direct-to-consumer, said, "We want to entertain all audiences around the world. On Paramount+ today, we have a really great foundation, which is the Taylor Sheridan universe. We also have incredible CBS next-day, live sports, a lot from the cable networks, franchises like Star Trek, so many series. We're seeking to expand that and make sure that we’re offering programming for everybody not just occasionally, not just for the one thing they came to watch but ultimately and hopefully a year round and a daily habit for all audiences." Streaming films will not be a priority per Ellison. Also that day, Shell announced $2 billion in cuts. "We do not want to be a company that has layoffs every quarter. So, it is important for us to get done what we're doing in one big thing and then be done with it," Shell said. On August 19, Paramount announced a four-year deal with Matt and Ross Duffer, the creators of Stranger Things, for movies, television and streaming projects at Paramount+. The agreement will commence following the conclusion of their current deal with Netflix in April 2026.
On September 2, 2025, Paramount Pictures announced that they and Microsoft-owned Activision Blizzard had signed a deal that will see the studio develop, produce and distribute a live-action film based on the Call of Duty franchise, which Ellison, a long-time fan of the series, considered a "dream come true". On September 3, Paramount Pictures announced that they signed a first-look, multi-picture deal with Will Smith and his company Westbrook. The deal will include films like Sugar Bandits and Rabbit Hole. Westbrook will also relocate to the Paramount lot in Hollywood. On September 4, Paramount Pictures and Legendary Entertainment announced a three-year worldwide film distribution deal. Under the deal, Paramount will market and distribute Legendary-developed and -produced theatrical films globally, excluding China, where Legendary East handles all marketing and distribution activities. Warner Bros. Pictures will continue to globally distribute films from select Legendary franchises including Dune: Part Three and Godzilla x Kong: Supernova (outside of Japan, which will be handled by Toho). The first film under the Paramount deal will be the live-action adaptation of the Street Fighter video game series. Also on September 4, Paramount announced a return to office policy that requires all employees to be in the office five days a week. On September 5, it was announced that Piers Morgan Uncensored will move from YouTube to 5 where it will air as a 90-minute highlights show starting September 12.
On September 12, 2025, Paramount Skydance announced they would be launching a sports media division called Paramount Sports Entertainment, the division would produce scripted and unscripted programming for its own platforms as well as third-party media companies and streaming services, while also developing sports-focused interactive games and experiences while also housing Skydance Sports. The division is also expected to collaborate with CBS Sports, but it will not be directly involved in live sports broadcasts. The division would be led by Skydance Sports chairman Jesse Sisgold. On September 16, Paramount Skydance added AI executive Dennis K. Cinelli to its board as an independent director, effective immediately. The appointment expands the body to 11 directors.
On September 17, 2025, it was announced that Marc Weinstock would be stepping down from his role as President of Worldwide Marketing and Distribution at Paramount Pictures. His departure comes as Josh Goldstine, the former marketing chief at Warner Bros., is expected to take over the position, according to media reports. On September 23, A former top official in the Trump Administration, Makan Delrahim, is in advanced talks to join the newly merged Paramount Global in a major legal role, according to sources with direct knowledge. On September 26, Pam Kaufman exited her role as Paramount President and CEO of International Markets, Global Consumer Products and Experiences.
On October 6, 2025, it was announced that Paramount Skydance named Bari Weiss as editor-in-chief of CBS News after acquiring her outlet The Free Press, a deal valued at $150 million. On October 23, Paramount Skydance sold its Argentine television network Telefe alongside its regional stations in Santa Fe and Córdoba, its international channel Telefe Internacional, its production divisions and its content library to holding company Grupo Televisión Litoral, a company of businessman Gustavo Scaglione and José Luis Manzano. On October 27, The Hollywood Reporter announced that Taylor Sheridan was leaving Paramount for NBCUniversal as Paramount did not offer Sheridan an offer to stay. Also on October 27, it was announced that John Dickerson would be leaving CBS News, where he had been employed for over 16 years. On October 29, upcoming layoffs were announced, about which Ellison stated that in “some areas, we are addressing redundancies that have emerged across the organization. In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth ". Paramount announced anchors Dana Jacboson and Michelle Miller as well as producer Brian Applegate of CBS Saturday Morning would be a part of the 2,000 layoffs planned. The company announced the layoffs of motion picture divisions, including production, literary, marketing and music including executives Randy Spendlove, Bryan Oh, Geoff Stier, Andres Alvarez, Rachel Cadden, Christine Benitez, and Phil Cohen. Also TV Executives Teri Fleming, Pamela Soper, Amanda Palley, Rose Catherine Pinkney, Robi Reed, Wendy Plaut, Amanda Culkowski, Margaret Comeaux, Jeff Grossman, Patricia Kollappallil, Gregory Heller, Amy Campbell, and Andrea Ballas were a part of the layoffs.
On October 30, 2025, Matt Thunell announced the department heads in areas such as Creative, Production, Business Affairs & Legal, Finance & BA, with some functions, including Talent & Casting and Corporate were either staying, newly hired, or promoted to different departments. Those named are Head of Development Shelley Zimmerman, EVP of Current Series Carolyn Harris, President of Showtime/MTV Entertainment Studio Keith Cox, Head of Production Drew Brown, Head of Business Affairs Virginia Lazalde-McPherson, EVP, Legal Affairs Lance McPherson, and Head of Finance Mel Rauch. Matt Hengemuhle moved from SVP, Financial Planning & Analysis to Direct to Consumer. Tricia Wood, EVP Casting for Paramount Pictures will also cast for Paramount Television Studios. Those leaving are EVP and Head of Global Production for Showtime/MTVE Keri Flint, EVP, TV Business & Legal Affairs for Skydance Jeff Hegedus, CFO, Paramount Media Networks, Showtime/MTVE Studios Candice Brancazio, EVP, Head of Live-Action Series, Films & Talent, Nickelodeon and Awesomeness TV Shauna Phelan, and EVP, Head of Global Talent and Content Development for Showtime/MTVE Trevor Rose.
On November 10, 2025, the Los Angeles Times reported that Paramount laid off 1,600 employees in South America in exchange of a reduction of 15% of its workforce and cost savings which are worth $3 billion. The next day, 600 employees chose the severance package and left their jobs instead of returning to the office. On November 14, Paramount announced its decision to sell Chilevisión to Vytal Group. Also that day, U. S. House of Representatives Jamie Raskin and Frank Pallone, the top two Democrats on the House Energy & Commerce Committee, said Paramount had not fully cooperated with their investigation in the settlement agreement between Skydance, Paramount Global, and President Trump. In August, they had requested documents from Paramount, communications with the Trump administration, the Federal Communications Commission (FCC), and internal communications concerning the merger between Skydance and Paramount.
On December 4, 2025, Paramount unveiled its TV Media leadership team. Under these changes, Laurel Weil would lead programming across the division. Jeannie Scalzo would lead MTV with Sitarah Pendelson handling all of the channel's programming. Jurles Borkent would now lead Nickelodeon Kids & Family after being president of the channel's international unit while Ari Pearce would lead Comedy Central. On December 31 of the same year, Paramount shut down the various MTV music channels outside of the United States (MTV 80s, MTV 90s, MTV 00s, Club MTV, MTV Live, MTV Hits, MTV Base, and MTV Music), marking the end of their broadcasting of music in those regions after 38 years (dating from the launch of MTV Europe) alongside a number of other channels which included channels in France and Brazil, the latter marking its exit from the Brazilian pay-television market. This closure represented the definitive end of the MTV brand on Brazilian television, following its 1990 launch as a broadcast network in one of the first markets outside the United States, after MTV Europe, and its relaunch by Viacom on cable television in 2013.
On December 4, 2025, Paramount blamed Warner Bros. Discovery for orchestrating an unfair bidding process that favors Netflix. Netflix won the bidding war later that day and would begin exclusive deal talks.
On December 5, Netflix announced that they would be buying the Warner Bros. streaming and studio company for $72 billion after the split closes in the third quarter, valuing WBD at $82.7 billion. Although Netflix ultimately won the bidding process, the transaction was still subject to regulatory approval in multiple jurisdictions. Amid the ongoing antitrust review, reports indicated that Paramount Skydance might consider launching a hostile takeover bid should the approval process create an opening. Three days later, Paramount launched a hostile takeover bid of WBD for an enterprise value of $108.4 billion. Paramount argued its $30 per share all-cash offer was superior to the $27.75 per share offer from Netflix, and that a combination with Paramount faced lower regulatory hurdles. On December 11, Paramount Skydance was considering raising its takeover offer for Warner Bros. Discovery by as much as 10% as it plots its next move to break up a merger agreement with Netflix. The new offer of Warner Bros. for Paramount would now be $33 per share for $90 billion, while the new offer of Warner Bros. for Netflix would now be $30.75 per share for $86 billion. On December 17, WBD told its shareholders to reject Paramount's bid, instead proceeding with the Netflix acquisition.
On December 22, 2025, Warner Bros. Discovery's board reviewed an offer from tech tycoon Larry Ellison to personally guarantee Paramount Skydance's $78 billion hostile takeover bid – adding a fresh twist to a bidding war that has most recently favored Netflix, On the Money has learned.
On January 7, 2026, it was reported by Variety that Warner Bros. Discovery's board of directors had rejected the amended offer by Paramount Skydance to acquire the entire company, with the board writing in a SEC filing that they considered the Paramount Skydance offer to be of "insufficient value", and that the offer was "inadequate", as they believed the Netflix offer was of better value to their shareholders, with the board sticking with the Netflix offer for Warner Bros. Discovery's Streaming and Studios division.
On January 23, 2026, Netflix co-CEO Greg Peters claimed that Paramount Skydance's rival $108.4 billion all-cash bid for Warner Bros. Discovery is a smoke screen largely reliant on tech billionaire Larry Ellison, the father of Paramount CEO David Ellison, and tens of billions in debt. As of January 23, 2026, approximately 7% of WBD's 2.5 billion outstanding shares have been tendered to the Paramount deal, which is set to expire on Feb. 20.
On February 5, 2026, Paramount CEO David Ellison published an open letter to the UK creative community outlining commitments related to the company's proposed acquisition of Warner Bros. Discovery (WBD). In the letter, Ellison pledged continued investment in content, a minimum 45-day theatrical window for films, the release of more than 30 cinema titles annually, and the preservation of HBO as an independent brand under Paramount's ownership. Ellison criticized Netflix, arguing that its competing $83 billion bid for WBD could create a "monopolistic or dominant entity" and reduce marketplace competition. Netflix responded that its proposal was “pro-consumer, pro-innovation, pro-worker, pro-creator and pro-growth,” and said it was confident the deal would receive regulatory approval. The letter formed part of Paramount's efforts to secure support from UK lawmakers and industry stakeholders as it pursued the takeover.
On February 10, 2026, Paramount Skydance sweetened its bid for Warner Bros. Discovery (WBD) without increasing its $30-per-share offer, valued at $108.4 billion. The company offered a 25-cent per share quarterly "ticking fee", equivalent to approximately $650 million in cash per quarter beginning in 2027 until the transaction closes. Paramount also agreed to cover the $2.8 billion termination fee WBD would owe Netflix if it withdrew from Netflix's $82.7 billion agreement for WBD's studio and streaming assets.
Additional measures included backstopping WBD's planned debt exchange to eliminate a potential $1.5 billion bondholder fee and granting interim operating flexibility comparable to that negotiated with Netflix. Paramount stated it had complied with the U.S. Department of Justice's second request, triggering a 10-day waiting period, secured foreign investment approval in Germany, and was in discussions with regulators in the United States, the European Union, and the United Kingdom.
Analysts described the revised proposal as increasing pressure on WBD but questioned whether it would be sufficient to win shareholder support. WBD's board continued to back the Netflix deal, citing the opportunity for investors to retain a stake in a separately traded Discovery Global entity. WBD scheduled a special shareholder meeting to vote on the Netflix transaction, expected by April.
On the same day, activist investor Ancora Holdings disclosed a roughly $200 million stake in WBD and said it planned to oppose the Netflix transaction and support Paramount's bid. On February 11, 2026, activist investor Ancora Alternatives LLC, a shareholder of Warner Bros. Discovery (WBD), said it would vote against WBD's proposed transaction with Netflix, support Paramount Skydance's rival bid, and consider launching a proxy fight if WBD's board did not engage with Paramount.
In a presentation, Ancora argued that Paramount's revised proposal could reasonably be expected to constitute a "Superior Proposal" under WBD's merger agreement and urged the board to negotiate in good faith to maximize shareholder value. The firm criticized the board for entering into what it described as an inferior agreement with Netflix and warned it would seek to hold directors accountable at the company's 2026 annual meeting if they refused to reconsider. WBD said it was reviewing Paramount's amended offer, which included a 25-cent per share quarterly "ticking fee" for each quarter after December 31, 2026, that the transaction remains unclosed, funding of a $2.8 billion termination fee payable to Netflix if WBD terminates that agreement, and commitments related to debt financing costs and obligations. Analysts said the changes addressed many of the board's previously stated concerns but did not guarantee shareholder approval.
On February 13, 2026, Paramount Skydance has named Rene Augustine, a former Trump administration attorney, as its senior vice president of global public policy, according to a company memo seen by Reuters, amid an ongoing takeover battle for Warner Bros Discovery. Meanwhile, Warner Bros. Discovery, attracted the attention of activist investor Sachem Head Capital Management in the fourth quarter when the media and entertainment giant agreed to sell its streaming and studios business to Netflix, according to a regulatory filing on Friday. Sachem Head, one of last year's best-performing hedge funds, said in the Securities and Exchange Commission filing that it more than doubled its holding in Warner Bros. Discovery to own nearly 8 million shares at the end of the fourth quarter.
On February 15, 2026, Bloomberg reported that Warner Bros. Discovery was considering reopening sale talks with Paramount Skydance. On February 20, 2026, the company announced its bid had passed the second request review process undertaken by the Department of Justice, with the company saying "there was no statutory proposal to close down the acquisition".
On February 26, 2026, Warner Bros. Discovery announced that they found Paramount's offer of $31 per share was superior to the deal Netflix made. Shortly after, Netflix announced they were not going to raise their bid and pulled out, with Paramount emerging as the winner of the bidding war. On February 27, the studios revealed that the deal is worth $110 billion. According to David Zaslav, the acquisition is expected to close within 6–12 months, pending regulatory and shareholder approval. If the deal closes, it would be the largest all-cash transaction in corporate history, ahead of Microsoft's $67 billion acquisition of Activision Blizzard in 2023, and would mark the second horizontal integration of two legacy media conglomerates and film studios after the 2019 Disney-Fox merger.
On April 8, 2026, Jeff Shell departed Paramount Skydance as president. The departure came a month after Robert James "R.J." Cipriani filed a $150 million lawsuit against Shell and his wife for breach of contract and fraud complaint, in which it also lists Paramount's CEO David Ellison, his father Larry, and several other advisors. Cipriant accused Shell of "gossiping about deals surrounding UFC, WBD, and Donald Trump"; Shell has since denied the allegations, calling it an "utterly false tale created in a shakedown attempt". Paramount Skydance later came out saying that Shell exited the company with a severance package of $5 million; the contract set an annual base salary of $3.5 million, as well as a $1.5 million bonus.
On April 23, 2026, shareholders of Warner Bros. Discovery approved the sale to Paramount Skydance.
On May 7, 2026, Paramount Pictures set up a multi-year, first-look deal with Warner Music Group that would see both companies partnering on theatrical films, drawing on the lives and music of WMG's roster of artists and songwriters.
On May 13, 2026, Ryan Gould and Robert "Bobby" Voltaggio kicked off the company's upfront Wednesday by acknowledging the Paramount-WBD deal. It was confirmed that the deal was officially approved by regulatory agencies and its shareholders from the two companies. The presentation also included a tribute to Ted Turner, the founder of CNN, Turner Broadcasting, and Turner Classic Movies, by Anderson Cooper.
On May 25, 2026, Ukraine's Antimonopoly Committee approved the Paramount-WBD deal.
On June 2, 2026, the European Union announced it was expected to approve the Paramount-WBD deal by July 7, 2026, but Austria's competition authority, the Austrian Federal Competition Authority (AFCA), expected the European Union to approve the Paramount-WBD faster. On June 3, 2026, the Austrian Federal Competition Authority (AFCA), which was part of the European Union, announced it was expected to approve the Paramount-WBD deal by June 29, 2026.
On June 4, 2026, Paramount Skydance pushed back on an antitrust lawsuit seeking to permanently block its proposed merger of Warner Bros. Discovery, deeming the complaint “long on rhetoric and fearmongering” but falling short of stating a viable claim that the deal harms competition.
In June 2026, Paramount Skydance launched Paramount Games Studio, a unified gaming division combining Skydance Interactive and Skydance New Media as part of the company's expansion into interactive entertainment.
On June 10, 2026, EU Foreign Subsidies Regulation was ordered to approve the Paramount-WBD deal by July 14, 2026. On that same day, the Paramount-WBD deal was approved by the Australian Competition and Consumer Commission (ACCC). The authority said that the mega-merger was likely to have the effect of substantially gain competition in relation to the wholesale supply of films for theatrical release in Australia. Paramount Skydance received necessary approvals for the Paramount-WBD deal from competition authorities in Saudi Arabia, Ukraine, Serbia and North Macedonia, and from foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania.
On June 11, 2026, Paramount Skydance announced it would sell 13 Showcase Cinemas US locations owned by Harbor Lights Entertainment (formerly National Amusements) to Belgian-based theater operator Kinepolis. The deal is expected to close by later summer and Kinepolis will continue to use the Showcase Cinemas brand name.
On June 12, 2026, the Paramount-WBD deal was approved by the U.S. Department of Justice's Antitrust Division.
On June 16, 2026, the Paramount-WBD deal was announced to separate Hollywood studios from independent distributors in response to Brazil's CADE market test.
On June 17, 2026, the European Commission announced it had until July 1, 2026, to approve the Paramount-WBD deal. In exchange of completing phase 2 review, Paramount announced it would end its joint venture to distribute films with Universal Pictures, leaving Universal to take full control of United International Pictures. On that same day, the Paramount-WBD deal was approved by China's State Administration for Market Regulation (SAMR). The antitrust ruling came on the heels of similar approvals from the U.S. Department of Justice, and a number of other countries, including Australia, Germany, France and Saudi Arabia.
On June 19, 2026, the Competition Commission of South Africa (CCSA) granted approval for the merger. The following day, Competition Bureau (CBC) of Canada, approved the deal after the statutory waiting period under section 123(1)(b) of the Competition Act in Canada expired.
Beginning July 3, 2026, MTV, Nickelodeon, Nick at Nite and Paramount Network began airing the eight Harry Potter films and three Fantastic Beasts spin-offs.
On July 10, 2026, Oregon's attorney general announced it dropped a civil investigative demand for Paramount to turn over records related to its efforts and it secured federal approval to delay its merger with Warner Bros. Discovery.
On July 13, 2026, Paramount Skydance said it was considering moving its headquarters and pulling $30B in annual spending out of California if the state sued to block its merger with Warner Bros. Discovery.
Multiple U.S. states announced they prepared to file a lawsuit to block the Paramount Skydance and Warner Bros. Discovery acquisition early this week.
A coalition of 12 U.S. states: Arizona, California, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington all announced that they filed a lawsuit, and they were all seeking to block the proposed Paramount Skydance and Warner Bros. Discovery acquisition.
Hollywood reacted to states suing the proposed Paramount Skydance and Warner Bros. Discovery acquisition, and several Hollywood trade organizations said that they were in support of a dozen state attorneys general who filed lawsuit to block Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery.
Zohran Mamdani announced on July 13, 2026, that all 12 U.S. state attorneys general filed lawsuit, and sued to block the proposed Paramount Skydance and Warner Bros. Discovery acquisition, as the proposed Paramount Skydance and Warner Bros. Discovery acquisition reached an unacceptable failure and remained unclosed after September 30, 2026.
State attorneys general said they were seeking a temporary restraining order and preliminary injunction to pause Paramount Skydance's proposed merger with Warner Bros. Discovery, warning that the company closed the transaction on July 22, 2026.
On July 14, 2026, the Writers Guild of America announced that it filed a lawsuit to block the proposed Paramount Skydance and Warner Bros. Discovery acquisition. A federal court said that a hearing set for Paramount and Warner Bros. acquisition was set for July 17, 2026. Jeffrey Kessler said that the proposed Paramount and Warner Bros. acquisition could still close on time.
On July 15, 2026, Todd Blanche was grilled at the Senate over his role in the Justice Department's sign-off of Paramount's proposed merger with Warner Bros. Discovery, and Paramount said that it was seeking to have the judge assigned to the state attorneys general challenge to its merger with Warner Bros. Discovery recused from the case, arguing that he had an "appearance of bias" because of his prior legal work for the Writers Guild of America. David and Larry Ellison were sued by a Paramount Skydance shareholder who alleged they cut an "illegal" deal with Donald Trump to secure U.S. governmental approval for the takeover of Warner Bros. Discovery. It was announced that the State of California vs. Paramount Skydance was reassigned to Judge Araceli Martínez-Olguín, and it appeared that an initial hearing to consider a temporary restraining order on the Paramount-Warner Bros. Discovery merger, as Paramount Skydance was pushing back on a recently filed shareholder lawsuit by Warner Bros. Discovery, saying it “recycles allegations that have already been reported and already addressed.”
With a judge in Oakland County set to hear arguments for and against a temporary restraining order on Paramount Skydance's planned merger with Warner Bros. Discovery, the David Ellison-led company announced on July 16, 2026, that the State AG's motion for a temporary restraining order “presented one of the weakest merger challenges in modern antitrust history.” Plaintiffs sought to take the extraordinary step of preventing Paramount Skydance Corporation and Warner Bros. Discovery, Inc. from closing their $110 billion, industry-transforming merger, yet they could not come close to establishing a likelihood of success in the case. Paramount Skydance said in its opposition filing to the TRO motion by plaintiffs — a dozen Attorneys General led by Rob Bonta of California. “The reason is simple: the merger is procompetitive, not anticompetitive.” Araceli Martínez-Olguín said that she denied a group of consumers a preliminary injunction to block Paramount's proposed merger with Warner Bros. Discovery. Paramount Skydance said its $110 billion takeover of Warner Bros. Discovery faced more than a month of regulatory uncertainty, where Parliament closed its doors for the summer, on July 17, 2026.
The merger now faced weeks of uncertainty. Lisa Nandy had no decisions on whether to intervene on media plurality grounds (she said she was “minded to intervene” several weeks back). The limbo would last until September 1, 2026, which would be Andy Burnham, and therefore probably a new Culture Secretary. The David Ellison-run company had a “ticking fee” commitment to WBD shareholders of 25 cents a share — roughly $650M — for every quarter its takeover did not finalize beyond Q3, so Nandy's delay could be rather costly. Alan Cumming announced that the merger would create “a giant conglomerate beholden to Donald Trump, autocrats and oligarchs.” Jake's story noted that the deal could technically close without clearance, but all the signals so far were that would play by the book. A judge overseeing the state attorneys general challenge to the Paramount–Warner Bros. Discovery merger did not issue a ruling on an emergency motion to pause the transaction, but said that she would do so on July 22, 2026. Much of the hearing was devoted to argument on how narrowly the market for theatrical and cable distribution should be defined, as the state's claimed that they had shows that the transaction on its face was illegal, would pause the transaction indefinitely until the legal process played out. Hollywood clashed hearing over what determined a Blockbuster, and how quickly the antitrust challenge to Paramount Skydance's mega-merger with Warner Bros. Discovery should move along. It would potentially avert “very severe harm” to Paramount Skydance from a so-called ticking fee – addition payouts by Paramount Skydance to Warner Bros. Discovery shareholders beginning on October 1, 2026. The Los Angeles Times said that the fight over the blockbuster deal that both sides agreed would dramatically reshape Hollywood. Two century-old film studios — with rights to Harry Potter, Batman, Top Gun, The Big Bang Theory, and Game of Thrones — would be combined, while HBO and CNN would come under new ownership, as the proposed acquisition would be closed by the end of December 31, 2026.
On July 20, 2026, it was announced that a federal judge ordered Paramount Skydance and Warner Bros. Discovery to halt their $81B merger for at least two weeks, allowing states that were challenging the deal more time to see their case through in court. The states' top prosecutors called on Warner and Paramount to not close the transaction until after a court had time to "fully evaluate" their claims. And when the companies refused, they filed for a temporary restraining order - which was what District Judge Araceli Martínez-Olguín granted. A Warner-Paramount tie-up would bring together two of the five last legacy studios in Hollywood - as well as host of TV networks, titles filling streaming libraries and news operations. A hearing in the court would be on August 3, 2026, for a hearing on the states' preliminary injunction motion, although that schedule could also be pushed back.
Lisa Nandy announced on July 21, 2026, that she would remain in the role overseeing film and TV industries and would continue to oversee a busy inbox, with her immediate priorities including whether to formally intervene in the proposed Paramount Skydance's $110B takeover of Warner Bros. Discovery acquisition and mega-merger.
On July 22, 2026, it was announced that the Paramount Skydance's proposed acquisition with Warner Bros. Discovery revealed that the $110B's merger remained uncertain as Paramount Skydance and Warner Bros. Discovery would be worried by the judge ruling for a brief pause. On that same day, the Paramount-WBD deal was approved by the European Commission of the European Union, which took a major step forward after securing approval from the antitrust authority. The Writers Guild of America's legal team called the merger presumptively illegal in the market for writing services, for anticipated top-grossing films. It also sought a 3-day evidentiary hearing and they sued to halt the merger. On that same day, the judge set a briefing schedule in which the state AGs opening brief was due on Thursday, and the company response was due on Monday. The state AG reply was due on July 30. Paramount's legal team proposed a schedule in which opening briefs would be filed on July 28, the company reply on August 7 and the AG response on August 12. Paramount's legal team was seeking essentially a mini-trial, to be held the week of August 17 or August 24. They also said that the company would consent to an extension of the TRO “to cover the period through a decision by the Court.”
On July 23, 2026, it was announced that the proposed merger was currently still on ice indefinitely, after the judge filed a lawsuit to block it. On that same day, Paramount Skydance's $111B mega-merger with Warner Bros. Discovery had a few hurdles ahead of it. One of them was an FCC approval. But a recent investigation showed that Paramount and the FCC had a dubious relationship, one with potential conflicts of interest. A judge said it would not close the transaction until August 17, 2026. As it stood now, the Paramount-WBD merger agreement was set to expire on March 4, 2027, subject to one automatic extension to June 4, 2027. The deal would not close until August 18, 2026.
On July 24, 2026, it was announced that Paramount Skydance would pursue it's $80B acquisition of Warner Bros. Discovery all the way to the Supreme Court. The proposed merger, which is facing widespread anti-trust legal action, would be delayed until June 1, 2027.
SAG-AFTRA announced on July 27, 2026, that they took a slightly more aggressive stand against Paramount Skydance's pending acquisition of Warner Bros. Discovery, but it stopped short of joining Writers Guild of America and SAG-AFTRA, in bringing the issue to court. The union's National Board adopted a resolution over the weekend that publicly opposed the merger unless there were certain production guarantees.
It was announced on July 28, 2026, that broadcast, cable, and streaming in the future were undoing the Paramount-WBD deal, and was inarguably past its primetime programming, as some watchers of the case from both the legal and financial arenas were skeptical of Paramount and Warner Bros. argument, known in case law as a failing market hypothesis.
David and Larry would have to pay $9.8B if the Warner Bros. and Paramount deal collapsed.
On July 30, 2026, it was announced that Paramount Skydance sacrificed cinema history to win approval for its Warner Bros. Discovery deal, which would be enough to Europe's theatrical business. That was because Paramount had agreed to exit UIP, its 50-50 joint venture with Universal Pictures, to secure regulatory approval for its takeover of Warner Bros. Discovery in the European Union. In remedies laid down by the European Commission, the EU's antitrust enforcer, Paramount needed to unwind its links to UIP within 13 months of closing the Warner merger, walking away from a company that was part of the European cinema landscape for 44 years. The venture would continue without its stewardship. A group of film producers urged the British culture minister to intervene in the proposed merger of Paramount Skydance and Warner Bros Discovery and protect access to historical news footage used by documentary makers.
On July 31, 2026, it was announced that Paramount Skydance, as well as Warner Bros. Discovery, pitched a November 4, 2026 start, while state attorney generals and the Writers Guild of America proposed an April 5, 2027 trial. On that same day, a group representing documentary filmmakers and archival specialists asked the British government to intervene in the proposed merger between Paramount Skydance and Warner Bros. Discovery, arguing that the deal could restrict access to some of the world's most important television news archives, Reuters reported. The appeal was made to UK Culture Secretary Lisa Nandy, who was already reviewing the transaction amid broader concerns about media plurality and competition. According to the producers, the merger would place the archives of CNN and CBS News under common ownership for the first time. In a letter sent to the UK government, the Archival Producers Alliance, which represented more than 650 archival researchers and producers across the US, UK and other countries, said the transaction would combine two of the most valuable collections of television news footage in existence.
On August 1, 2026, sources told The Wall Street Journal that California's governor said if the merger was blocked due to the lawsuit, state employment would suffer, and that "Newsom’s office encouraged Attorney General Rob Bonta’s office, which had independent authority to file such suits, to find a resolution out of court."
On August 3, 2026, the price for the proposed acquisition was $31 per share in cash. The CEO spotted a surprising location as he prepared antitrust battle with California over Warner Bros. deal.
On August 4, 2026, Paramount CEO David Ellison said he believed the antitrust litigation filed by 12 states and the Writers Guild of America wasn’t about market share but about “whether I could be trusted as a steward of Warner’s CNN.” He reiterated his pledge that CNN would remain independent under a merged Paramount-Warner Bros. Discovery and that its journalists “would continue to answer to the facts and to all the people they served — not to any party or cause.” The same day, Araceli Martínez-Olguín wrote that the Paramount & Warner Bros. trial was scheduled to take place from March 2 to March 19, 2027. The judge wrote that the trial would run from 8:30 a.m. to 1:30 p.m., with two 15 minute breaks. The trial was scheduled to be in a blackout on March 8, 2027 and March 15, 2027. A waiting period would be expired on February 19, 2027. On that same day, reported mixed numbers for the June quarter with strong streaming, tough theatrical comps and an ongoing drop in linear television. David Ellison said that over the past several months, our leadership team and legal partners had worked closely with antitrust and competition authorities around the world. As a result, regulatory bodies and governments representing 65 jurisdictions — including the European Commission, Australia, Brazil, China, the U.S., Germany, India, France, Spain, Canada, South Africa, Saudi Arabia, and South Korea — had either cleared the transaction or elected not to challenge it on competition and/or foreign direct investment grounds, As these clearances demonstrated, the transaction was fully consistent with antitrust laws. The claims in pending antitrust litigation did not reflect the realities of today’s highly competitive entertainment marketplace. Even combined, Paramount and Warner Bros. Discovery would account for just 13.4% of total U.S. television and streaming viewing time, 18% of the domestic box office over the past 12 months, and 22% on average over the last six years. Those figures reflected a company competing in an intensely competitive marketplace against tech giants such as Netflix, Amazon, Apple, and others — not one with the market power to dictate outcomes for audiences, creators, or distributors. We remained confident the transaction would be completed, creating a stronger, more competitive media company.
On August 6, 2026, it was announced that a federal judge tossed out an antitrust challenge to the Paramount–Warner Bros. merger that had a group of consumers. The mega-merger failed to establish standing. Regal Cinemas made its support of the Paramount–Warner Bros. public. A prolonged trial would cost hundreds of millions of dollars, which would be better spent on movies. On that same day, the Paramount-WBD deal was approved in the United Kingdom by Competition and Markets Authority (CMA). On that same day again, David Zaslav said that Warner Bros. Discovery's employees displayed an “inspiring” work ethic to keep the business humming along. Under the terms of the Paramount merger agreement, Warner Bros. Discovery could enter into bundling agreements and acquire content, and had the flexibility to negotiate extensions or renewals with existing partners (such as the NHL or MLB) as well as content-licensing sales as long as the deals did not extend past December 2028.
On August 11, 2026, it was announced that David Ellison would move Paramount Pictures out of California and AG's refused to negotiate settlement in the Warner Bros. Studios suit beginning on October 1, 2026. They refused to relocate Warner Bros. to Hollywood, California, due to the merger. David Zaslav said that Warner Bros. could walk if the deal would not be clinched until June 4, 2027. They had been presumably offered significant incentives when they refused to relocate Paramount to Burbank, California.
On August 12, 2026, Blackmail announced that California threatened to leave the state because it did not want the government to enforce the law, Paramount and Warner Bros. both proved the danger of its outsized power over the industry as well as Warner Bros. Studios following suit and forfeiture. On that same day, Paramount made clear that it was prepared to examine every available avenue to complete the transaction, while California and the allied states insisted that any resolution had to meaningfully protect competition in the identified markets. Paramount contended that the traditional concept of basic cable no longer accurately reflected how audiences consumed programming and that the combined entity would control only a modest share of the streaming market, estimated in the range of 7 to 11 percent (median average - 9%). Support from major theatrical exhibitors was also cited as evidence that the deal would not harm competition in film distribution. The attorney general, speaking earlier at the same conference, indicated openness to considering structural remedies that could address competitive concerns but expressed skepticism toward behavioral commitments that might prove difficult to enforce. In response, Ellison might shift news operations to Atlanta, and the potential sale of CBS News’ broadcast center could generate billions. Paramount Skydance was keeping all options, including a possible sale of CNN, "on the table" to resolve California's antitrust suit challenging its $110 billion acquisition of Warner Bros Discovery. The top Democrat on the House Judiciary Committee said it wanted Paramount to sit for a transcribed interview to answer questions on the Warner Bros. forfeitures and following suits. On that same day, an oversight board could hinder Paramount in what were certain to be future efforts to wring synergies out of a combined company. Merging CBS News and CNN could reduce production and newsgathering costs. And yet, CBS News employed many workers represented by a union, while CNN did not. That dynamic thwarted previous efforts over the years to combine the two news organizations. An oversight board aimed at ensuring an independent CNN might have a similar effect. In response, Paramount discussed creating an editorial board for CNN when the merger closed. That move would be to try to alleviate concerns over the editorial independence of the network.
On August 14, 2026, Paramount announced that it won approval from Mexico’s competition authority for its merger with Warner Bros., leaving only 12 state attorneys general obstructing the deal. In a statement, Paramount said it had won approval from regulators representing 68 countries, including the European Union, China, Canada, Brazil and the United Kingdom. Paramount CEO David Ellison urged the 12 states to negotiate a settlement that would allow the deal, instead of proceeding to a federal trial next March.
On August 17, 2026, it was announced that Paramount Skydance demanded a high bond for AG's and WGA for the costs of the antitrust suit for the Warner Bros.-Discovery merger that made $1.88 billion serious, according to California. That same day, it said that both the Clayton Act, the federal antitrust law upon which these suits were based, and other federal law expressly provide that plaintiffs are required to post a bond covering the potential harm from halting a transaction to litigate, so that if they lost, the injured party recovers the damage caused, every month of delay carried substantial and quantifiable financial consequences.
CBS Entertainment Group oversees CBS, CBS News and Stations, CBS Sports and CBS Media Ventures (including Big Ticket Television).
BET Media Group which owns channels with the BET name.
Paramount Media Networks encompasses the pay television channels owned by Paramount in the United States such as MTV, Nickelodeon (including Nick Jr.), Comedy Central, TV Land, Paramount Network, Logo, CMT, Pop TV, Showtime, The Movie Channel, Flix, VH1 and the Smithsonian Channel.
Paramount International Networks encompasses certain international versions of their cable channels split into three regional hubs: United Kingdom and Australia, Europe, Middle East, Africa and Asia (EMEAA), and the Americas, as well as region-specific free-to-air networks (including Channel 5 in the United Kingdom and Network 10 in Australia). It also co-owns channels that were previously under the CBS name across Europe with AMC Networks International.
Paramount Global Content Distribution serves as the international television distribution arm for Paramount's television networks and streaming services.
Other businesses that are now part of Paramount Skydance include the former subsidiaries of National Amusements such as Showcase Cinemas and the Brazilian business of UCI Cinemas.
