The merger brings two of America’s oldest moviemaking studios together.
The companies completed the deal on Tuesday (October 6, 2026), ushering in a new Hollywood giant with the now shorter “Skydance” name tag. And HBO Max, titles ranging from “Harry Potter” to “Sinners,” and even networks like CNN find themselves under the same roof as Paramount+, CBS and the likes of “Top Gun” and “The Godfather”.
Ellison said in a statement Tuesday (October 6).
“Today is a historic day, not just for Skydance but for our entire industry,” Mr. “We couldn’t be more excited to get to work.”
The response from Hollywood
The open letter — which was signed by long-time outspoken critics of the deal like Jane Fonda and Mark Ruffalo, as well as Hollywood heavyweights from Denis Villeneuve to J.J. Meanwhile, some other stars lined up to back Paramount as Mr. Ellison reiterated his commitments to the movies. At CinemaCon this past spring, the company debuted a glossy mini movie about the studio directed by Jon M. Chu and narrated by Tom Cruise — who ended the spot atop the iconic Paramount water tower, with the words “the future is paramount and the future looks pretty great from here. Many industry critics were also outspoken when Netflix’s studio and streaming deal was on the table, with particular focus on the future of movies staying in theaters.
In April, thousands of movie stars, writers, directors and other professionals announced their “unequivocal opposition” to the Paramount-Warner merger. Abrams — warned of fewer jobs and “less choice for audiences in the United States and around the world”.
Months after disclosing it was open to selling parts or even all of its business, Warner initially struck a studio and streaming deal with Netflix back in December. Warner and Paramount inked a mutual merger agreement by late February. “We couldn’t be more excited to get to work. In December, it reached an agreement with Netflix involving its studio and streaming operations.
The Hollywood giants spent much of early 2026 in a heated back-and-forth over who had a stronger offer on the table, with Warner leadership repeatedly backing Netflix as its preferred suitor. But Paramount eventually upped its offer to buy all of Warner for $31 per share, and Netflix opted to bow out of the race.
But Skydance-owned Paramount, which claimed Warner management “never engaged meaningfully” with its previous proposals, soon launched a hostile counterbid aimed at taking over the entire company — including networks like CNN and Discovery. Earlier reporting noted: “Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement Tuesday, as per AP.
Earlier reporting noted: The deal brings together two of America’s oldest movie studios and creates a new entertainment giant spanning film, television, streaming and news. Earlier reporting noted: Warner Bros Discovery earlier indicated it was open to selling parts or all of its business as it considered options for the future.
