Paramount’s ownership under Skydance has two stages. The Paramount–Skydance merger is complete, so Paramount controls its established film, television, broadcast, cable, streaming and Skydance production businesses. Warner Bros. Discovery is a separate, pending transaction; if it closes, WBD will become a wholly owned Paramount subsidiary. The planned combined company name is Skydance, with ticker SKYD.
The ownership picture at a glance
| Stage | Legal status | What it covers |
|---|---|---|
| Paramount–Skydance combination | Completed | Paramount’s existing portfolio plus Skydance’s production divisions |
| Warner Bros. Discovery expansion | Announced but not yet completed at the October 2, 2026 status point | WBD would survive as a wholly owned subsidiary of Paramount |
This distinction matters: “Skydance” describes the planned post-WBD corporate identity, while the first merger is the transaction that already put Skydance’s businesses inside Paramount.
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Businesses already controlled through the completed merger
Film and television studios
- Paramount Pictures
- Paramount Television
Broadcast, news and sports
- CBS
- CBS News
- CBS Sports
The Federal Communications Commission’s approval covered Paramount and its subsidiaries, including the ultimate parent of CBS owned-and-operated broadcast stations.
Cable and entertainment networks
- Nickelodeon
- MTV
- BET
- Comedy Central
- Showtime
Streaming and digital distribution
- Paramount+
- Pluto TV
Skydance production divisions
- Skydance Animation
- Skydance Film
- Skydance Television
- Skydance Interactive/Games
- Skydance Sports
These are the named businesses in Paramount’s post-merger portfolio. They are not a list of every legal subsidiary, license, local station or contractual interest held by those companies.
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What the Warner Bros. Discovery deal would add
The SEC transaction materials describe a merger in which a Paramount merger subsidiary would merge with Warner Bros. Discovery, with WBD surviving as a wholly owned subsidiary of Paramount. That establishes parent-level ownership, not an asset-by-asset guarantee that every WBD property will transfer unchanged.
As of October 2, 2026, the transaction was still pending. The expected closing date reported at that point was October 6, 2026. Until the closing filing is effective, Paramount does not own Warner Bros. Discovery under this deal.
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Why a definitive WBD brand list is not available yet
The transaction materials cited for the deal do not provide a final closing-date schedule covering every Warner Bros. Discovery subsidiary, channel, license, local station or asset that might be retained or divested. A reliable asset-level list should therefore be based on the closing filing and transaction exhibits, not assumptions about the current WBD corporate family.
What the Skydance name and SKYD ticker mean
David Ellison announced that the combined Paramount–WBD company is planned to be called Skydance, with stock ticker SKYD. The name honors Ellison’s production company, while Paramount and Warner Bros. properties can continue appearing as consumer-facing brands.
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Operating conditions attached to the Warner Bros. transaction
The federal court settlement clearing the path for the merger imposes obligations on the combined company.
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Additional U.S. film spending
The settlement requires at least $1.5 billion in additional U.S. film spending over five years, according to Associated Press reporting from 2026.
Theatrical release targets
The company must distribute 30 theatrical films each year for the next two years, followed by 32 films annually for the subsequent three years. The settlement says only half of those films must be produced or jointly produced by the combined company.
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For five years, Paramount must negotiate separately for current Paramount-owned basic-cable channels and Warner-owned basic-cable channels.
News Editorial Independence Board
Within 180 days of the Warner acquisition, the company must establish a News Editorial Independence Board covering CBS and CNN. The board is to consist of five active or retired journalists with at least 10 years of experience. They will be appointed by, and report to, the combined company’s board for three-year terms.
Consequences for missed film commitments
If the film-output commitments are missed, the settlement allows for possible divestiture of Miramax Studios and a $30 million payment for each missed film to specified industry-union health and retirement funds.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Key dates and legal status
| Date | Event | Effect on ownership |
|---|---|---|
| July 24, 2025 | FCC approved Skydance’s acquisition of Paramount Global and its subsidiaries | Regulatory approval covered Paramount, including the CBS broadcast-station parent |
| August 7, 2025 | Paramount and Skydance merger completed | Skydance’s named divisions became part of Paramount’s controlled portfolio |
| October 2, 2026 | Status reflected in the available transaction reporting | Warner Bros. Discovery acquisition remained pending |
| October 6, 2026 | Expected WBD closing date reported at the October 2 status point | Conditional; ownership would change only if the transaction actually closed |
Bottom line for viewers and investors
Paramount already controls Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV and Skydance’s Animation, Film, Television, Interactive/Games and Sports divisions. Warner Bros. Discovery is the potential next addition, but it was not yet owned at the October 2, 2026 cutoff. If the acquisition closes, WBD becomes a wholly owned Paramount subsidiary and the enlarged parent is planned to operate under the Skydance name and SKYD ticker.
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