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Paramount’s acquisition of Warner Bros. Discovery closed on October 6, 2026, according to Associated Press reporting. That puts the DC portfolio, including Batman, and Paramount’s Teenage Mutant Ninja Turtles franchise under common ownership. What the deal does not establish is a merged game division, a new Batman game, or a shared game slate. The “gaming shake-up” in the headline is an ownership change first. Any change to how the two game businesses are run has not been confirmed.
What the deal is worth, and which figure to quote
Paramount’s transaction announcement said it would acquire 100% of Warner Bros. Discovery (WBD) for $31 per share in cash plus a ticking fee. The announcement valued WBD at $81 billion in equity value and $110 billion in enterprise value. The two figures measure different things, and articles often mix them up.
| Measure | Figure | Source and date | How to use it |
|---|---|---|---|
| Enterprise value | $110 billion | Paramount Skydance Corporation transaction announcement, 2026 | The headline valuation for the deal |
| Equity value | $81 billion | Paramount Skydance Corporation transaction announcement, 2026 | The value of WBD’s equity |
| Total including debt | $111 billion | Associated Press, October 2026 | A debt-inclusive total as AP described it. Cite it as AP’s figure, not as a second estimate of enterprise value |
| Offer price | $31 per share in cash, plus a ticking fee | Paramount Skydance Corporation transaction announcement, 2026 | Consideration for 100% of WBD |
These numbers describe the transaction. They are not a games-market valuation, and they say nothing about how much either company plans to spend on games.
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- June 5, 2026: Paramount Games announces a unified Paramount Games Studio. The same announcement names Teenage Mutant Ninja Turtles: The Last Ronin.
- September 30, 2026: Paramount’s closing-date release says the merger is expected to close on October 6, subject to customary closing conditions.
- October 6, 2026: AP reports that the acquisition has closed and gives the $111 billion debt-inclusive figure.
- October 7, 2026: VGC publishes a report listing WB Games’ internal development teams.
The September 30 release records an expectation. The AP report records a completed transaction. Both are cited for what they say, and neither says anything about game operations.
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What changes for Batman and DC games
The confirmed change is ownership. Batman and the rest of the DC portfolio now sit under the same owner as Paramount’s TMNT franchise. Common ownership does not by itself create a crossover game, a shared development plan, or a production commitment.
The existing WB Games development roster
VGC’s October 7 report describes WB Games’ internal developers as:
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- Rocksteady, developer of the Batman games
- NetherRealm Studios, developer of Mortal Kombat
- Avalanche Software, developer of Hogwarts Legacy
- TT Games, developer of the LEGO games
- WB Games teams in Montreal and Boston
This is a snapshot of the portfolio before the deal. VGC’s report does not describe any post-acquisition reporting lines or new title assignments.
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- A combined game organization spanning WB Games and Paramount Games.
- A new Batman game, either announced or greenlit.
- Changes to staffing, investment, release schedules, or franchise strategy.
- Any shared project that uses both DC and TMNT characters.
Treat these as open questions until a company or a credible outlet confirms them.
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Paramount’s side: Paramount Games and The Last Ronin
A unified studio structure
Paramount Games’ June 5, 2026 announcement set up Paramount Games Studio as one organization covering the Paramount and Skydance gaming studios. Skydance Games is the publishing label. Skydance Interactive and Skydance New Media are development teams. The company’s own description reads: “Designed to transform world-class IP into immersive franchise experiences, the new studio includes all Paramount and Skydance gaming studios, including Skydance Interactive and Skydance New Media as distinct development teams.” That is Paramount’s account of its own structure, not an independent assessment.
Teenage Mutant Ninja Turtles: The Last Ronin
The Last Ronin is an announced AAA action-adventure game. PlatinumGames is developing it, and Paramount says it is based on the popular TMNT comic series. The announcement does not state a release date, platforms, preorder status, or retail edition. Do not treat the game as available to buy. The comic it draws on is the closest thing to a physical product tied to the title.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Side by side: the two game organizations
The table compares only what the sources describe. Where a sources does not address a point, the cell says so.
| Attribute | WB Games | Paramount Games |
|---|---|---|
| Franchises named in sources | Batman, Mortal Kombat, Hogwarts Legacy, LEGO | Teenage Mutant Ninja Turtles: The Last Ronin (announced, based on the TMNT comics) |
| Development model | Internal developers, per VGC’s October 7, 2026 report | Unified studio. Skydance Games publishes, Skydance Interactive and Skydance New Media develop, and PlatinumGames develops The Last Ronin |
| Named studios or teams | Rocksteady, NetherRealm Studios, Avalanche Software, TT Games, Montreal and Boston teams | Skydance Games, Skydance Interactive, Skydance New Media, PlatinumGames (external developer for The Last Ronin) |
| Release dates for announced titles | Not stated in the sources | The Last Ronin: not stated in Paramount’s announcement |
| Post-acquisition reporting lines | Not stated in the sources | Not stated in the sources |
These sources do not support a comparison of game quality or commercial performance.
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- Every Turtle is authentically sculpted and decorated as he appeared in the hit 1980's animated TV show.
Signals that would confirm integration
Watch for these before assuming the two game businesses are merging:
- An official statement placing WB Games and Paramount Games under one game leadership structure.
- An announced Batman project from a WB Games studio, with a named developer and platforms.
- A release date and platform list for The Last Ronin.
- Any statement from either company about game staffing or investment after the close.
Until then, the Batman and TMNT connection is a shared owner, not a shared game plan.
Quick Recap
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