The Paramount Studios in Los Angeles, California, Nov. 9, 2025.
Ethan Swope | Bloomberg | Getty Images
It’s been just over a year since Paramount Skydance set out to buy one of Hollywood’s most iconic institutions.
After repeated rejections, a subsequent bidding war, a series of regulatory approvals, an antitrust challenge by state attorneys general and a timely settlement, the David Ellison-run company is set to close its acquisition of Warner Bros. Discovery on Tuesday.
The combined company, what amounts to one of the largest media conglomerates in history, will be newly named Skydance and trade under the ticker symbol “SKYD.” It will bring together two of the most storied film studios and control nearly one-third of basic cable programming.
Here’s a timeline of key events in Paramount’s pursuit of WBD:
The foundation is laid
Competition brews
WBD shares since announcing its intention to split, ultimately kicking off a sale process.
Deals get done
Securing regulatory approval
June 12, 2026: The Department of Justice approves the Paramount-WBD merger, a crucial step in winning full regulatory approval for the deal, which is valued at an estimated $110 billion on an enterprise basis.
July 13, 2026: A group of state attorneys general, led by California’s Rob Bonta, sues to block the merger over antitrust concerns. The lawsuit cites the potential for higher prices and lower-quality content if the merger goes through.
July 22, 2026: European Union antitrust regulators approve Paramount’s acquisition of WBD, marking a major win for Paramount among global regulators. The approval relies on a few concessions: Paramount agrees to divest its stake in United International Pictures in Europe and promises not to enter film distribution deals with Universal in Europe for a period of 10 years.
July 24, 2026: Paramount, already facing a temporary restraining order on the deal, agrees to delay its closing to as late as June 2027. The threat of a lengthy delay leaves WBD in limbo and casts a brief chilling effect over media M&A more broadly.
On the precipice
Sept. 30, 2026: With the final hurdle cleared, Paramount announces that outgoing Mattel CEO Ynon Kreiz will serve as co-CEO of the combined company alongside Ellison. At Mattel, Kreiz earned a reputation as a turnaround man and oversaw the toymaker’s foray into entertainment, bringing Barbie to the big screen in 2023.
Oct. 2, 2026: Ellison announces that the combined company will be named Skydance after closing, saying the move will allow Paramount and Warner Bros. to remain distinct brands.
Oct. 5, 2026: Ellison and Kreiz announce their leadership team, including news leads Bari Weiss and Mark Thompson over CBS and CNN, respectively, and content heads Casey Bloys, George Cheeks and JB Perrette to oversee the streaming and TV businesses. CNBC reports CBS Sports chief David Berson will take over Skydance’s global sports group.
— CNBC’s Julia Boorstin, David Faber, Lillian Rizzo, Sara Salinas, Alex Sherman and Sarah Whitten contributed to this report.
