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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →As of October 3, 2026, Paramount’s merger with Warner Bros. Discovery had not closed. The companies said on September 30 that they expected it to close on October 6, subject to customary closing conditions. A federal judge’s approval of a settlement with 12 states removed a significant obstacle, but it did not complete the transaction.
What “officially happening” means—and what it does not
The companies have announced an anticipated closing date, not confirmed that the merger is complete. Until a closing announcement confirms the transaction has been consummated, October 6 remains a planned date rather than a completed event.
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The merger agreement is dated February 27, 2026. The September 30 announcement from Paramount Skydance and Warner Bros. Discovery says the deal is expected to close October 6, subject to customary closing conditions. That qualification matters: an announced target date does not by itself establish that all conditions have been met or that ownership has changed.
Why the merger moved closer to closing
Federal court approved a settlement with 12 states
On September 30, U.S. District Judge Araceli Martínez-Olguín approved a proposed consent decree resolving litigation brought by 12 states. The Associated Press reported that the judge called the decree a “fair, reasonable, and good faith approach to address the competitive harms” alleged by the states. The ruling approved the settlement; it was not an order completing the merger.
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The settlement followed an agreement reached by Paramount and the states on September 21, according to the Associated Press. The reported commitments include increased U.S. film production, a fund for workers displaced by the merger, and monitoring of the editorial independence of the company’s news operations. These are settlement commitments, not evidence that the promised outcomes have already occurred.
Regulatory reviews and the court case are distinct
Paramount said on August 14 that regulatory conditions under the merger agreement had been satisfied and that clearances had been secured in nearly 70 countries. That count and completion claim are Paramount’s, not an independently stated tally in the available government material.
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The U.S. Department of Justice Antitrust Division said on June 12 that it had completed its analysis and, based on its investigation, concluded the proposed merger was not likely to harm competition or American consumers in the markets it examined: streaming video on demand, linear television, and theatrical film development, production, or distribution. This describes DOJ’s conclusion about those reviewed markets; it is not a guarantee that the merger will have no competitive effects of any kind.
What is known about the deal and the combined company
Reported transaction value and shareholder consideration
The Associated Press described the transaction as an $81 billion deal in its September 21 report. That is AP’s characterization of the deal’s value; it should not be treated as interchangeable with every other possible valuation measure.
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The companies’ September 30 announcement describes cash consideration of $31.00 per WBD share, plus a daily adjustment of $0.00277778 for each calendar day after September 30 through the closing date, subject to exclusions and the merger agreement’s terms. This is a transaction term, not a forecast of what an individual shareholder will receive; eligibility and final proceeds depend on the agreement and applicable conditions.
The announced name is Skydance
On October 2, David Ellison announced that the combined company will be named Skydance. Axios reported his explanation that the name gives “the combined company an identity of its own while allowing Paramount and Warner Bros. – and all our extraordinary brands – to remain in the spotlight.” The announcement concerns the planned identity of the combined company; it does not establish that the deal has closed or specify when individual brands, services, or operations will change.
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Key dates at a glance
| Date | Development | What it establishes |
|---|---|---|
| February 27, 2026 | The merger agreement was dated, according to the companies’ September 30 announcement. | The agreement underlies the proposed transaction; it is not a closing confirmation. |
| June 12, 2026 | DOJ Antitrust Division said it had completed its investigation and stated its conclusion about specified markets. | A federal agency’s review conclusion, not a guarantee about every possible effect. |
| August 14, 2026 | Paramount said regulatory conditions were satisfied and clearances secured in nearly 70 countries. | Paramount’s account of regulatory clearances. |
| September 21, 2026 | AP reported a settlement between Paramount and 12 states, including commitments on film production, displaced workers, and news editorial independence. | A settlement agreement, before the judge’s approval. |
| September 30, 2026 | A federal judge approved the proposed consent decree; the companies announced an expected October 6 closing. | A litigation milestone and a conditional target date, not consummation. |
| October 2, 2026 | David Ellison announced the combined company’s planned name: Skydance. | A naming announcement, not confirmation that the transaction closed. |
| October 6, 2026 | Expected closing date announced by the companies, subject to customary closing conditions. | A scheduled date as of October 3; completion requires confirmation. |
What to watch on October 6
The decisive update is whether the companies confirm that the transaction has closed. A scheduled date, court settlement approval, regulatory-clearance statement, or announcement of the combined company’s name is not a substitute for that confirmation. If no closing confirmation is issued, the status should remain described as pending rather than complete.
After a confirmed closing, operational questions—such as how services, brands, or company structures will change—will need to be answered from subsequent company announcements. The October 2 naming announcement alone does not supply a timetable for those changes.
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