David Ellison announced on October 2, 2026, that the combined Paramount and Warner Bros. Discovery company will be named Skydance. The merger and legal name change were still pending as of October 3: the companies expected the deal to close, and the corporate name change to take effect, on October 6, subject to closing conditions. Axios reported the announcement; Paramount’s SEC filing describes the planned legal and market changes.
What the Skydance announcement means
Ellison said the name would give the combined company “an identity of its own while allowing Paramount and Warner Bros. — and all our extraordinary brands — to remain in the spotlight,” according to Axios. The announcement concerns the identity of the combined company, not a plan to erase the names of its studios, networks, or services. Ellison’s video described those brands as “more than a destination” and “the launch pad.”
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The name refers to Skydance, the production company Ellison founded about two decades ago. Skydance merged with Paramount in 2025, Axios reported.
Has the merger closed, and is Skydance already the legal name?
No—not as of October 3, 2026. Paramount and Warner Bros. Discovery said on September 30 that they expected the merger to close on October 6, subject to customary closing conditions. Paramount’s October 2 SEC filing said the company intended to amend its certificate of incorporation to become Skydance Corporation, with the change expected on October 6. Those were planned dates, not confirmation that either event had occurred. The companies’ closing announcement and the SEC filing set out the plans.
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The filing also describes a planned New York Stock Exchange listing and a ticker change from PSKY to SKYD. The ticker and listing changes are related to the corporate transition but are distinct from Ellison’s announcement of the combined company’s name.
Why the merger was delayed and what changed
Paramount and Warner Bros. Discovery announced their definitive merger agreement on February 27, 2026. Twelve states later sued to block the deal, alleging competitive harm under Section 7 of the Clayton Act. Paramount’s SEC filing says the companies and states entered a consent decree on September 21. On September 30, the U.S. District Court for the Northern District of California entered the decree and modified the no-close order to permit the transaction to close, subject to the remaining closing conditions.
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Associated Press reported that U.S. District Judge Araceli Martínez-Olguín called the decree a “fair, reasonable, and good faith approach to address the competitive harms” alleged by the states. AP also reported that critics viewed the settlement terms as too weak. The judge’s description addresses the decree’s approach to the allegations; it is not a blanket finding that the merger has no competitive effects. AP’s report covers the court action and competing assessments.
Film-release commitments in the consent decree
Paramount’s October 1 Form 8-K describes theatrical-release commitments for the combined company. It specifies at least 30 U.S. releases in each of the first two commitment years and at least 32 in each of the next three. The decree also sets minimum wide-release counts, requires at least four independent films per year, and says at least half of the films counted toward each annual commitment must be produced or jointly produced by the combined entity. These are obligations described in the filing, not a record of films already released. The SEC filing contains the decree details.
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What the combined company brings together
The announced portfolio includes Paramount Pictures, CBS, Nickelodeon, MTV, BET, Comedy Central, Paramount+ and Pluto TV, alongside Warner Bros., HBO, CNN, DC, Discovery Channel and other Warner Bros. Discovery properties. Associated Press described the transaction as bringing together two of Hollywood’s five legacy studios and noted concerns about increased industry concentration. AP’s account and Paramount’s merger announcement describe the companies and their stated rationale.
Paramount presented the merger as a way to combine studios, creative talent, streaming platforms, and intellectual property to compete in a changing entertainment market. That is management’s case for the transaction. The countervailing concern raised by the states and other critics is that combining major entertainment businesses could reduce competition and consumer choice, including in theatrical exhibition. The eventual effects depend on how the combined company operates; the announcement and court settlement alone do not establish them.
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Deal terms and projections announced by the companies
The figures below are transaction terms or company projections announced in February 2026, except for the per-share timing adjustment, which Warner Bros. Discovery announced on September 30. They should not be read as realized savings, operating results, or investment advice.
| Item | Announced figure or term | Context |
|---|---|---|
| Cash consideration | $31.00 per WBD share | Paramount Skydance Corporation’s February 27, 2026, merger announcement. |
| Timing adjustment | $0.00277778 per share for each calendar day after September 30, 2026, through closing | Warner Bros. Discovery’s September 30, 2026, announcement. |
| Illustrative amount if closing occurred October 6 | $31.01666668 per WBD share | Calculated and stated by Warner Bros. Discovery on September 30, based on the anticipated closing date; not confirmation of closing. |
| Transaction valuation | $81 billion equity value; $110 billion enterprise value | Paramount Skydance Corporation’s February 27, 2026, announcement. |
| Funding commitments | $47 billion in equity and $54 billion in debt | As described by Paramount in its February 27, 2026, announcement. |
| Synergies | More than $6 billion | Paramount’s projection announced February 27, 2026; not realized savings. |
| Theatrical output | At least 30 films annually | Paramount’s stated commitment in its February 27, 2026, announcement; separate from the more detailed U.S. release requirements in the consent decree. |
Sources: Paramount’s February 27 merger announcement and Warner Bros. Discovery’s September 30 closing-date announcement.
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