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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Paramount Skydance and Warner Bros. Discovery expected their merger to close on October 6, 2026, but as of October 2 it was still pending customary closing conditions. David Ellison announced that the combined company would be called Skydance; the announced name and expected closing date described a future transaction, not a completed merger.
When is the Paramount–Warner Bros. Discovery merger expected to close?
The companies announced October 6, 2026 as the expected closing date, subject to customary closing conditions. The latest joint announcement described the merger as pending. A court order on September 30 removed the identified no-close restriction, but it did not complete the transaction.
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Under the announced structure, Prince Sub Inc., a wholly owned Paramount Skydance subsidiary, will merge into Warner Bros. Discovery (WBD). WBD will survive as a wholly owned subsidiary of Paramount Skydance. The agreement was unanimously approved by both companies’ boards in February, according to WBD’s SEC filing.
How much will WBD shareholders receive?
The merger agreement provides for $31.00 in cash, without interest, for each WBD common share, plus a daily amount for each calendar day after September 30, 2026 through and including the closing date. WBD’s SEC filing states that the additional amount is $0.00277778 per share per day, subject to the agreement’s terms.
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| Timing or figure | What it means |
|---|---|
| $31.00 per share | Contractual cash consideration before the daily amount, according to WBD’s 2026 SEC filing. |
| $0.00277778 per share per day | The agreement’s daily addition for each qualifying calendar day after September 30 through closing, subject to its terms. |
| $31.01666668 per share | The companies’ conditional calculation if closing occurs on October 6, 2026; it is not a confirmed final payment. |
The Associated Press described the merger as an $81 billion deal. That is AP’s characterization of the transaction’s size, not a per-share figure or a verified enterprise-value comparison. A separate $110 billion enterprise-value figure is not established by the cited material, so the two figures should not be treated as directly comparable.
What regulatory and court steps have taken place?
The federal DOJ Antitrust Division and the 12-state lawsuit were separate proceedings. On June 12, 2026, the DOJ said it had completed its investigation and concluded that the proposed merger was not likely to harm competition or American consumers in streaming video on demand, linear television, or film development, production, or theatrical distribution. That was the DOJ’s assessment based on its investigation, not a court finding that the deal could have no competitive effects.
The 12 states separately sued, alleging that the merger would harm competition. On September 30, the federal court entered the consent decree agreed by Paramount, WBD, and the states, and modified the no-close order to permit the merger to proceed. The decree resolved that lawsuit and cleared the identified court restriction; customary closing conditions still applied.
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What commitments are in the states’ consent decree?
Film releases
The SEC filing describing the decree sets a five-year U.S. film-release commitment: at least 30 releases in each of the first two commitment years and at least 32 in each of the next three. The decree also specifies minimums for wide releases and independent films; at least half of the films counted toward each annual total must be produced or jointly produced by the combined entity.
Other reported settlement terms
The Associated Press reported a $47.5 million commitment over five years for worker training and career development, separate negotiations during that period concerning the companies’ existing basic-cable channels, and an editorial-independence board for CBS and CNN. These are settlement provisions, not evidence by themselves of how the combined company’s programming or market position will develop.
Why is the combined company being called Skydance?
On October 2, David Ellison announced that the future combined company would be named Skydance. Axios reported that the ticker was expected to be SKYD. Ellison said the name would give the combined company its own identity while leaving Paramount, Warner Bros., and their brands in the spotlight. The announcement concerns the company’s planned identity after the merger; it does not mean the transaction had already closed.
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Who is expected to lead the company?
The Associated Press reported that Paramount had announced Mattel CEO Ynon Kreiz would become co-CEO with David Ellison after closing. Under the announced plan, Kreiz would manage day-to-day operations while Ellison focused on strategy. Those roles were post-closing plans as of October 2, 2026.
How did this deal follow the proposed Netflix merger?
Paramount Skydance’s agreement with WBD followed the termination of WBD’s merger agreement with Netflix. WBD’s SEC filing says Paramount Skydance paid Netflix a $2.8 billion termination fee on WBD’s behalf in connection with ending that earlier agreement.
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