Yes. The acquisition closed on October 6, 2026: Skydance Corporation acquired Warner Bros. Discovery (WBD), which remains a wholly owned subsidiary of Skydance. The combined company is called Skydance. That does not, by itself, mean Paramount+ and HBO Max have become one streaming service.
What happened to Paramount and Warner Bros.?
Skydance Corporation completed its acquisition of Warner Bros. Discovery on October 6, 2026, according to the company’s Form 8-K. WBD did not disappear as a legal entity: it survived the transaction as a wholly owned subsidiary of Skydance.
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The umbrella company formed by the transaction is named Skydance, according to Skydance’s closing announcement. So the precise description is that Skydance acquired WBD, bringing it together with the assets associated with Paramount—not that Warner Bros. and Paramount simply became a single studio under either of those names.
What is the new company called, and what does it own?
The combined company is Skydance. Its announcement says the portfolio brings together two film studios; streaming services; television assets including CBS and HBO; news networks CBS News and CNN; and a broad content library. These are portfolio assets under a common corporate owner, not evidence that each brand or service has been renamed.
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The distinction matters for viewers: corporate ownership can change while familiar studio, channel, and streaming-service names continue to be used. The company announcement identifies Paramount+ and HBO Max as part of the relevant streaming landscape, but it does not announce that they have been merged.
Are Paramount+ and HBO Max becoming one service?
There is no confirmed combined Paramount+ and HBO Max service in the closing announcement or SEC filing. Those sources do not specify a merger of the apps, a shared subscription, a new bundle, a price change, a catalog transfer, or a timetable for consumer-facing changes. Until the company announces such a change, treat the services as distinct rather than assuming one subscription will replace the other.
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What happened to WBD shareholders?
Under the terms described in the SEC filing, each eligible WBD share converted into the right to receive $31.01666668 in cash, subject to the merger agreement’s terms and exceptions. The filing also reports approximately $78 billion in aggregate merger consideration. The per-share payment and aggregate consideration are different measures; neither should be read as a consumer price or as a statement that every security holder received the same amount.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the Justice Department conclude?
On June 12, 2026, the U.S. Department of Justice Antitrust Division said it had completed its investigation and concluded that the proposed transaction was not likely to harm competition in streaming video on demand, linear television, or theatrical film production and distribution. The DOJ described an eight-month investigation involving more than two million documents and more than 80 custodians. Its statement is an agency assessment of the proposed deal based on evidence gathered before closing—not a guarantee about future prices, choices, or market outcomes.
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In discussing streaming, the DOJ referred to Paramount+ and HBO Max and said the combined firm could provide an alternative to larger streaming offerings. That was part of the agency’s analysis, not an announcement of a single service or a verified post-merger consumer outcome. The DOJ’s statement is available from the Antitrust Division.
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