View source for Skydance Corporation

{{Infobox company
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| type = [[Public company|Public]]
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| industry = {{ubl|[[Media conglomerate|Media]]|[[Entertainment]]}}
| predecessors = {{ubl|[[Paramount Skydance]]|[[Warner Bros. Discovery]]}}
| founded = {{Start date and age|2026|10}}
| founder = [[David Ellison]]
| hq_location_country = 
| area_served = Worldwide (except Russia, Belarus and North Korea)
| key_people = David Ellison (chairman and co-CEO)<br>[[Ynon Kreiz]] (co-CEO)
| products = {{Flatlist|
* films
* music
* television shows
* [[web portal]]s
* movie theaters
* video games
}}
| brands = 
| services = {{Flatlist|
* [[License|Licensing]]
* [[broadcasting]]
* [[streaming media|streaming]]
* [[television]]
}}
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| footnotes = <ref name="2025 Annual Report">{{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0002041610/000204161026000011/psky-20251231.htm |title=2025 Annual Report (Form 10-K) |date=February 25, 2026 |publisher=[[U.S. Securities and Exchange Commission]]}}</ref><ref name="HQ">{{cite web |last1=Hayes |first1=Dade | url=https://deadline.com/2025/08/paramount-shifting-corporate-headquarters-to-l-a-skydance-santa-monica-1236481980/ | title=Paramount Shifting Its Corporate Headquarters To L.A., Keeping Skydance Base In Santa Monica | website=[[Deadline Hollywood]] |publisher=[[Penske Media Corporation]] |date=August 7, 2025 |access-date=August 8, 2025 |archive-url=https://web.archive.org/web/20250808111920/https://deadline.com/2025/08/paramount-shifting-corporate-headquarters-to-l-a-skydance-santa-monica-1236481980/ |archive-date=August 8, 2025 |url-status=live}}</ref><ref name="Patten" />
| logo_class = skin-invert logo-nobg
}}

The unnamed Paramount-Warner Bros. company will be an American [[Multinational corporation|multinational]] [[mass media]] and [[entertainment]] [[Conglomerate (company)|conglomerate]] formed by the merger of [[Paramount Skydance]] and [[Warner Bros. Discovery]].

== Background ==
Through an assortment of corporate mergers, splits, and partnerships, [[Paramount Pictures]], [[CBS]], [[Viacom (1952–2005)|Viacom]], and [[Skydance Media]] shared a long history prior to the 2025 merger joining the entities as Paramount Skydance.<ref>{{Cite web |last=Grantham-Philips |first=Wyatte |date=2024-07-08 |title=Paramount and Skydance merge, signaling end of a family reign in Hollywood and the rise of new power |url=https://apnews.com/article/paramount-skydance-redstone-entertainment-merger-8ba177aebe4ec6c3152e5b8ef82a72e0 |url-status=live |archive-url=https://web.archive.org/web/20240708110456/https://apnews.com/article/paramount-skydance-redstone-entertainment-merger-8ba177aebe4ec6c3152e5b8ef82a72e0 |archive-date=July 8, 2024 |access-date=August 6, 2025 |website=[[Associated Press]] |publisher=American newspaper and broadcast members}}</ref> Warner Bros. also had history with the companies.

=== 1912–1986 ===
Paramount Pictures was founded in 1912 as the [[Famous Players Film Company]].<ref>{{Cite book |last=Abel |first=Richard |title=The Ciné Goes to Town: French Cinema, 1896–1914 |date=1994 |publisher=[[University of California Press]] |isbn=0-520-07936-1 |location=[[Berkeley, California]] |page=10}}</ref> CBS was founded in 1927, which Paramount Pictures held a 49% ownership stake in from 1929 to 1932.<ref>{{cite book |last=Bergreen |first=Laurence |author-link=Laurence Bergreen |url=https://archive.org/details/looknowpaylaterr00berg |title=Look Now, Pay Later: The Rise of Network Broadcasting |publisher=[[Doubleday and Co.]] |year=1980 |isbn=978-0-451-61966-2 |location=[[New York City]] |page=61 |url-access=registration |archive-url=https://archive.org/details/looknowpaylaterr00berg/page/61 |archive-date=May 5, 2010}}</ref><ref>{{cite book |last=Barnouw |first=Erik |title=A Tower in Babel: A History of Broadcasting in the United States to 1933 |publisher=[[Oxford University Press]] |year=1966 |isbn=978-0-19-500474-8 |location=[[New York City]] |page=261}}</ref>

On April 4, 1923, Warner Bros. Pictures, Inc. was officially established, as the brothers focused entirely on the motion picture industry.<ref>{{cite web |last1=Maas |first1=Jennifer |date=23 March 2022 |title=Warner Bros. Reveals 100th Anniversary Logo, Teases Rollout of Commemorative Content, Products and Events |url=https://variety.com/2022/tv/news/warner-bros-100-anniversary-logo-1235212556/ |access-date=8 May 2022 |website=Variety |language=en-US}}</ref> In 1927, Warner Bros. Pictures revolutionized the film industry by releasing its first sound film (or "[[Sound film|talkie]]"), ''[[The Jazz Singer]]'', starring [[Al Jolson]].<ref>{{cite news |date=October 5, 1927 |title=Warner, Movie Magnate, Dies: Sam Warner, Former Youngstown Man, Rose from Obscurity to Leader in Field |work=The Youngstown Daily Vindicator}}</ref>

In 1952, CBS formed CBS Television Film Sales, a division which handled [[broadcast syndication]] rights for CBS's library of network-owned television series.<ref>{{cite web |date=January 14, 1952 |title=''Broadcasting'' Magazine |url=https://worldradiohistory.com/Archive-BC/BC-1952/BC-1952-01-14.pdf |access-date=August 2, 2025 |website=World Radio History |page=94}}</ref><ref>{{cite web |date=March 17, 1952 |title=''Broadcasting'' Magazine |url=https://worldradiohistory.com/Archive-BC/BC-1952/BC-1952-03-17.pdf |access-date=August 2, 2025 |website=World Radio History |page=88}}</ref><ref>{{cite web |date=June 23, 1952 |title=''Broadcasting'' Magazine |url=https://worldradiohistory.com/hd2/IDX-Business/Magazines/Broadcasting-IDX/1952-Broadcasting/1952-06-23-Broadcasting-Page-0080.pdf |access-date=August 2, 2025 |website=World Radio History |page=80}}</ref> This division was renamed [[CBS Films]] in 1958<ref>{{cite web |date=September 22, 1958 |title=''Broadcasting'' Magazine |url=https://worldradiohistory.com/Archive-BC/BC-1958/1958-09-22-BC.pdf |access-date=August 2, 2025 |website=World Radio History |pages=31–33}}</ref><ref>{{cite web |date=October 13, 1958 |title=''Broadcasting'' Magazine |url=https://worldradiohistory.com/Archive-BC/BC-1958/1958-10-13-BC.pdf |access-date=August 2, 2025 |website=World Radio History |page=49}}</ref> and again renamed CBS Enterprises Inc. on December 1, 1967.<ref>{{cite web |date=December 4, 1967 |title=Name change at CBS |url=https://worldradiohistory.com/hd2/IDX-Business/Magazines/Archive-BC-IDX/67-OCR/1967-12-04-BC-OCR-Page-0009.pdf#search=%22cbs%20enterprises%20inc%22 |access-date=August 2, 2025 |website=World Radio History |page=1}}</ref><ref>{{cite web |date=January 29, 1968 |title=''Broadcasting'' Magazine |url=https://www.worldradiohistory.com/Archive-All-BC/Broadcasting-Magazine/BC-1968/1968-01-29-BC.pdf |access-date=August 2, 2025 |website=World Radio History |page=8}}</ref> It was renamed [[Viacom (1952–2006)|Viacom]] (an acronym of Video and Audio Communications) in 1970.<ref>{{cite web |date=July 6, 1970 |title=''Broadcasting'' Magazine |url=https://worldradiohistory.com/Archive-BC/BC-1970/1970-07-06-BC.pdf |access-date=August 2, 2025 |website=World Radio History |page=19}}</ref> In 1971, this syndication division was [[Corporate spin-off|spun off]] amid new [[Federal Communications Commission|FCC]] rules forbidding television networks from [[Financial Interest and Syndication Rules|owning syndication companies]]. These rules were eventually abolished completely in 1993.<ref>{{cite book |last1=Croteau |first1=Davivd R. |title=The Business of Media: Corporate Media and the Public Interest |last2=Hoynes |first2=William |publisher=[[Sage Publishing|SAGE Publications, Inc]] |year=2005 |isbn=978-1412913157 |location=[[Thousand Oaks, California]] |pages=100–101}}</ref>

Meanwhile, Paramount Pictures was acquired by [[Gulf and Western Industries]] in 1966, which then re-branded itself as [[Paramount Communications]] in 1989.<ref>{{cite news |last=Williams |first=Linda |date=April 10, 1989 |title=Gulf & Western Wants Buyer for Finance Division: Paramount's Parent Plans to Change Name, Focus on Entertainment, Publishing |url=https://www.latimes.com/archives/la-xpm-1989-04-10-fi-1718-story.html |url-status=live |archive-url=https://web.archive.org/web/20130626205936/http://articles.latimes.com/1989-04-10/business/fi-1718_1_paramount-s-parent-plans-values-publishing-businesses |archive-date=June 26, 2013 |newspaper=[[Los Angeles Times]] |issn=2165-1736 |oclc=3638237}}</ref>

=== 1986–2005 ===
In 1986, Viacom purchased [[Paramount Media Networks|MTV Networks]] and [[Showtime Networks|Showtime/The Movie Channel Inc.]] from [[Warner Communications]] and [[American Express]].<ref>{{Cite news |last=Fabrikant |first=Geraldine |date=September 17, 1986 |title=Viacom Chief Leads Group's Buyout Bid |url=https://www.nytimes.com/1986/09/17/business/viacom-chief-leads-group-s-buyout-bid.html |url-status=live |archive-url=https://web.archive.org/web/20210130051807/https://www.nytimes.com/1986/09/17/business/viacom-chief-leads-group-s-buyout-bid.html |archive-date=January 30, 2021 |access-date=January 23, 2021 |newspaper=[[The New York Times]] |issn=1553-8095 |oclc=1645522 |quote=In November 1985, Viacom acquired MTV for $326 million in cash and warrants. One-third of MTV was publicly owned; the rest was owned by Warner Communications and the American Express Company. At the same time, Viacom bought 50 percent of Showtime, the pay television service, that it did not already own for $184 million.}}</ref> In 1987, a majority stake in Viacom was acquired by theater operator company [[National Amusements]].<ref>{{cite news |date=June 10, 1987 |title=Viacom Inc. has acquired Viacom International Inc. |url=https://www.latimes.com/archives/la-xpm-1987-06-10-fi-3671-story.html |url-status=live |archive-url=https://web.archive.org/web/20230615231922/https://www.latimes.com/archives/la-xpm-1987-06-10-fi-3671-story.html |archive-date=June 15, 2023 |access-date=June 15, 2023 |work=[[Los Angeles Times]] |issn=2165-1736 |oclc=3638237}}</ref>

Viacom then purchased a 50.1% stake in Paramount Communications in February 1994 for $9.75&nbsp;billion, following a five-month battle with shopping channel [[QVC]]. The merger was completed in July.<ref>{{cite news |last=Fabrikant |first=Geraldine |date=February 15, 1994 |title=Executives Say That Viacom Has Won Paramount Battle |url=https://www.nytimes.com/1994/02/15/business/executives-say-that-viacom-has-won-paramount-battle.html |url-status=live |archive-url=https://web.archive.org/web/20201218045123/https://www.nytimes.com/1994/02/15/business/executives-say-that-viacom-has-won-paramount-battle.html |archive-date=December 18, 2020 |access-date=August 3, 2025 |newspaper=[[The New York Times]] |page=A1 |issn=1553-8095 |oclc=1645522}}</ref><ref>{{cite web |title=Annual Report |url=https://www.sec.gov/Archives/edgar/data/44482/0000950112-94-002132.txt |url-status=live |archive-url=https://web.archive.org/web/20160308073121/http://www.sec.gov/Archives/edgar/data/44482/0000950112-94-002132.txt |archive-date=March 8, 2016 |access-date=August 3, 2025 |website=[[U.S. Securities and Exchange Commission]] |publisher=[[United States Government Publishing Office]]}}</ref><ref>{{cite magazine |date=November 1995 |title=75 Power Players: The Outsiders |url=https://archive.org/details/nextgen-issue-011 |access-date=August 3, 2025 |magazine=[[Next Generation (magazine)|Next Generation]] |page=61 |issue=11 |quote=Viacom completed acquisition of Paramount Communications in July 1994, creating one of the world's largest entertainment companies.}}</ref> In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent [[CBS Corporation (1997–2000)|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.<ref>{{cite book |last1=Croteau |first1=David |url=https://books.google.com/books?id=s1GYiTi2vgAC |title=The business of media : corporate media and the public interest |last2=Hoynes |first2=William |publisher=Pine Forge |year=2006 |isbn=978-1412913157 |edition=2nd |location=[[Thousand Oaks, California]] |page=85 |chapter=3}}</ref><ref name="Wilkerson">{{cite web |last=Wilkerson |first=David B. |date=October 18, 2005 |title=Viacom moves up split date |url=https://www.marketwatch.com/story/viacom-moves-up-split-date-to-end-of-2005 |archive-url=https://web.archive.org/web/20220810053752/https://www.marketwatch.com/story/viacom-moves-up-split-date-to-end-of-2005 |archive-date=August 10, 2022 |access-date=August 2, 2025 |website=[[MarketWatch]] |publisher=[[Dow Jones & Company]] |language=EN-US}}</ref>

=== 2005–2026 ===
On December 31, 2005, Viacom was split into two companies: [[CBS Corporation|the second incarnation of CBS Corporation]], the former's corporate successor, and [[Viacom (2005–2019)|the second incarnation of Viacom]], which was formed as a spin-off.<ref name="Wilkerson" /><ref>{{cite news |date=April 26, 2000 |title=CBS And Viacom Complete Merger |url=https://www.cbsnews.com/news/cbs-and-viacom-complete-merger/ |url-status=live |archive-url=https://web.archive.org/web/20201020160247/https://www.cbsnews.com/news/cbs-and-viacom-complete-merger/ |archive-date=October 20, 2020 |access-date=March 30, 2021 |website=[[CBS News]] |publisher=[[CBS News and Stations]]}}</ref>

{{Further|Paramount Pictures#History|Gulf and Western Industries|Viacom (1952–2005)}}{{Further|Split of CBS Corporation and Viacom|Viacom (2005–2019)|CBS Corporation|Skydance Media|Paramount Global}}

[[Skydance Media]] was founded in 2006 by [[David Ellison]].<ref name="LA Times">{{cite news |last=Eller |first=Claudia |date=August 16, 2010 |title=David Ellison raises $350 million to co-fund movies with Paramount |url=https://latimesblogs.latimes.com/entertainmentnewsbuzz/2010/08/david-ellison-raises-350-million-to-cofund-movies-with-paramount.html |url-status=live |archive-url=https://web.archive.org/web/20100820014903/https://latimesblogs.latimes.com/entertainmentnewsbuzz/2010/08/david-ellison-raises-350-million-to-cofund-movies-with-paramount.html |archive-date=August 20, 2010 |access-date=January 12, 2020 |newspaper=[[Los Angeles Times]] |issn=2165-1736 |oclc=3638237}}</ref> In 2009, Skydance and Paramount Pictures signed a five-year co-financing, production and distribution agreement, with Paramount holding an additional option of distribution.<ref name="LA Times" /> That deal would later be extended twice in 2013 and 2017.<ref>{{Cite news |last=Fleming |first=Mike Jr. |date=March 19, 2016 |title=David Ellison's Skydance Raises $700 Million In Funding For Film, TV Slates |url=https://deadline.com/2016/03/david-ellison-skydance-700-million-dollars-funding-film-tv-slates-mission-impossible-star-trek-1201727848/ |url-status=live |archive-url=https://web.archive.org/web/20160330034032/https://deadline.com/2016/03/david-ellison-skydance-700-million-dollars-funding-film-tv-slates-mission-impossible-star-trek-1201727848/ |archive-date=March 30, 2016 |access-date=April 11, 2018 |website=[[Deadline Hollywood]] |publisher=[[Penske Media Corporation]]}}</ref><ref>{{cite news |last1=Galuppo |first1=Mia |date=August 7, 2017 |title=Skydance, Paramount Ink New Four-Year Deal |url=https://www.hollywoodreporter.com/news/general-news/skydance-paramount-ink-new-four-year-deal-1027197/ |url-status=live |archive-url=https://web.archive.org/web/20210521172659/https://www.hollywoodreporter.com/news/general-news/skydance-paramount-ink-new-four-year-deal-1027197/ |archive-date=May 21, 2021 |access-date=February 28, 2022 |work=[[The Hollywood Reporter]]}}</ref>

On July 24, 2025, the FCC approved the merger between Paramount Global and Skydance Media.<ref>{{Cite magazine |last=Pequeño IV |first=Antonio |date=July 24, 2025 |title=FCC Greenlights Paramount-Skydance Merger |url=https://www.forbes.com/sites/antoniopequenoiv/2025/07/24/fcc-greenlights-8-billion-paramount-skydance-merger-after-skydance-vows-to-end-dei-programs/ |url-status=live |archive-url=https://web.archive.org/web/20250724223458/https://www.forbes.com/sites/antoniopequenoiv/2025/07/24/fcc-greenlights-8-billion-paramount-skydance-merger-after-skydance-vows-to-end-dei-programs/ |archive-date=July 24, 2025 |access-date=July 25, 2025 |magazine=[[Forbes]] |publisher=Integrated Whale Media Investments |issn=0015-6914 |oclc=6465733}}</ref><ref>{{Cite web |last=Hayes |first=Dade |date=July 25, 2025 |title=Paramount Co-CEOs Confirm Skydance Deal Closing Date, Laud Employee Efforts During Process |url=https://deadline.com/2025/07/paramount-reveals-closing-date-of-skydance-merger-1236469123/ |url-status=live |archive-url=https://web.archive.org/web/20250725212945/https://deadline.com/2025/07/paramount-reveals-closing-date-of-skydance-merger-1236469123/ |archive-date=July 25, 2025 |access-date=July 25, 2025 |website=[[Deadline Hollywood]] |publisher=[[Penske Media Corporation]]}}</ref><ref>{{Cite web |last=Hayden |first=Erik |date=July 25, 2025 |title=Nearly Done: Paramount-Skydance Merger Gets Deal Close Date |url=https://www.hollywoodreporter.com/business/business-news/paramount-skydance-close-date-1236329737/ |access-date=July 25, 2025 |website=[[The Hollywood Reporter]]}}</ref><ref>{{Cite web |last=Spangler |first=Todd |date=July 25, 2025 |title=Paramount and Skydance Expect Deal to Close Aug. 7 |url=https://variety.com/2025/tv/news/paramount-skydance-deal-close-date-1236470440/ |access-date=July 25, 2025 |website=[[Variety (magazine)|Variety]]}}</ref>

=== Formation ===
After Paramount began making [[Leveraged buyout|unsolicited offers]] to acquire WBD as a whole, the WBD [[board of directors]] placed the company up for [[auction]] on October 21, 2025, to maximize [[shareholder value]]. The auction was won in December 2025 by [[Netflix, Inc.]], which offered $82.7 billion to acquire just the WB studio business. Paramount continued to make unsolicited offers for the entirety of WBD, arguing that a Netflix acquisition of WB would give it an undue position in the [[subscription video on demand]] (SVOD) market, and that the company's attitudes towards theatrical film were potentially damaging to the [[Movie theater|cinema]] industry. Paramount CEO [[David Ellison]] stated that it would release at least 30 films per year if it acquired WBD, and would maintain industry standard [[Release window|release windows]] and the creative independence of divisions such as HBO.

In February 2026, Paramount made a revised offer to acquire WBD at $31 per share, pay Netflix's [[breakup fee]], and—as a display of confidence that the sale would be approved and completed quickly—pay an ongoing penalty to WBD shareholders if the sale was not completed by a specific deadline. Paramount's revised offer at $31 per share was deemed superior by the WBD board, and was approved by its shareholders on April 23, 2026. On June 12, 2026, the sale was approved by the [[U.S. Department of Justice]]. 

Supporters argue that the acquisition is necessary for the studios to achieve the [[Economies of scale|scale]] needed to compete with [[Big Tech|tech companies]], while preserving a commitment to the cinema industry. Members of the [[film industry]] have expressed concern over the resulting scale of the company, its potential impact on [[Movie theater|movie theaters]], [[cable television]], and jobs, as well as the [[Larry Ellison|Ellison family]]'s relationship with the [[Second presidency of Donald Trump|Trump administration]] and its potential influence on the editorial operations of CNN. The [[European Commission]] imposed conditions requiring Paramount to exit its [[United International Pictures]] distribution venture with [[Universal Pictures]], while the [[United Kingdom]] is requiring that its individual news and children's businesses maintain editorial independence, and will peohibit the combination of its linear and on-demand services for five years.

In July 2026, California and 11 other U.S. states, as well as the [[Writers Guild of America]], filed [[antitrust]] lawsuits to delay the consummation of the purchase, arguing that the combined company's share of box office and cable television revenue post-acquisition would give it undue leverage over film exhibitors and television providers. On September 21, 2026, Paramount announced a proposed out-of-court settlement, subject to a five-year consent decree mandating specific investments towards film production and acquisition, restrictions on its engagement with film exhibitors and television providers, and the establishment of an independent board to oversee the editorial integrity and independence of [[CBS News]] and [[CNN]] post-acquisition, among other conditions. The court delayed its approval in order to allow [[Amicus curiae|amicus briefs]] by parties opposed to the settlement, who argued that its antitrust remedies were not strong enough to address the original concerns raised in the suit; the settlement was approved on September 30, 2026, with Paramount stating that it expected to complete the acquisition by October 6, 2026.

On 30 September 2026, former [[Mattel]] CEO [[Ynon Kreiz]] would join the newly-merged firm as co-CEO.<ref>{{Cite web |last=Spangler |first=Todd |date=2026-09-30 |title=Paramount-Warner Bros. Merger Set to Close Next Week After Judge OKs Settlement With State AGs |url=https://variety.com/2026/film/news/paramount-warner-bros-merger-judge-approves-settlement-ags-1236893467/ |access-date=2026-09-30 |website=Variety |language=en-US}}</ref>

== References ==