Paramount Skydance

Paramount Global

The origins of Paramount Global can be traced to Paramount Pictures, established in 1912, and the development of CBS and Viacom as major broadcasting and media businesses. Paramount Pictures was acquired by Gulf and Western Industries in 1966, while National Amusements, controlled by the Redstone family, acquired Viacom in 1987. Viacom subsequently acquired Paramount Communications in 1994 and merged with CBS Corporation in 2000.^[11]

In 2005, Viacom was divided into two publicly traded companies, CBS Corporation and Viacom. The companies reunited in December 2019 to form ViacomCBS, which was renamed Paramount Global in February 2022. The company operated film, television, streaming and broadcasting businesses, including Paramount Pictures, CBS, Nickelodeon, MTV, Paramount+ and Pluto TV.^[12]

Skydance Media

Skydance Media was founded by film producer David Ellison in 2010 as an independent film production and financing company. It developed a longstanding relationship with Paramount Pictures, co-financing and producing films in franchises including Mission: Impossible, Star Trek and Terminator. The companies renewed their production and distribution agreement in 2017.^[13]

Skydance expanded beyond feature films into television, animation and interactive entertainment. Its television division launched in 2013, while its interactive entertainment business was established following the acquisition of game developer The Workshop Entertainment in 2016.^[14] In 2017, the company expanded into animation through a partnership with Spain's Ilion Animation Studios.^[15] In February 2020, Skydance received a $275 million investment from RedBird Capital Partners and CJ ENM, valuing the company at $2.3 billion.^[16][17]

Warner Bros. Discovery

Warner Bros. Discovery was formed on April 8, 2022, through the combination of WarnerMedia, then owned by AT&T, and Discovery, Inc. The transaction brought together WarnerMedia's film, television, news and entertainment operations with Discovery's factual programming and international television businesses. Discovery, Inc. was renamed Warner Bros. Discovery, Inc., and the combined company began trading on the Nasdaq under the ticker symbol WBD on April 11, 2022.

The company's businesses included Warner Bros. Pictures, Warner Bros. Television, New Line Cinema, DC, HBO, CNN, Cartoon Network, Discovery Channel, TLC, Food Network and Warner Bros. Games. Its streaming services included HBO Max and Discovery+. David Zaslav, previously chief executive of Discovery, Inc., became president and chief executive officer of the combined company.^[18][19]

Formation of Paramount Skydance (2023–2025)

In 2023, National Amusements, the controlling shareholder of Paramount Global, began exploring potential transactions involving the media conglomerate amid financial difficulties and increasing competition in the entertainment industry. Several companies expressed interest in acquiring or partnering with Paramount, including Skydance Media, Sony Pictures, Apollo Global Management and Warner Bros. Discovery.^[20]

Negotiations between Paramount and Skydance initially collapsed in June 2024, but resumed the following month. On July 7, 2024, the companies announced a definitive agreement for a transaction involving the acquisition of National Amusements and the combination of Paramount Global and Skydance Media. The agreement included an investment of more than $8 billion from the Ellison family and RedBird Capital Partners. David Ellison, founder and chief executive of Skydance Media, was designated to lead the combined company, with Jeff Shell as president.^[20][21]

The transaction underwent regulatory review throughout 2025. The Federal Communications Commission approved the merger on July 24, 2025, clearing a major remaining regulatory hurdle. The combination was completed on August 7, 2025, establishing Paramount Skydance Corporation, with Paramount Global and Skydance Media becoming its subsidiaries. Ellison assumed the positions of chairman and chief executive officer, and the company's Class B shares began trading on the Nasdaq under the ticker symbol PSKY.^[21][22]

Paramount Skydance (2025–2026)

Following the merger, Paramount Skydance reorganized its operations into three principal business segments: studios, direct-to-consumer and television media. Its initial leadership included Andy Gordon as chief operating officer, Cindy Holland as chair of direct-to-consumer, George Cheeks as chair of television media, and Dana Goldberg and Josh Greenstein as co-chairs of Paramount Pictures. The company also revived Paramount Television Studios, combining the operations of Skydance Television and Showtime/MTV Entertainment Studios.^[23]

In August 2025, Paramount announced a seven-year agreement with TKO Group Holdings valued at approximately $7.7 billion, giving Paramount+ exclusive United States distribution rights to Ultimate Fighting Championship events beginning in 2026, with selected events also airing on CBS.^[24] The following month, Paramount Pictures entered a three-year worldwide theatrical distribution agreement with Legendary Entertainment, beginning with the film Street Fighter.^[25][26]

On October 6, 2025, Paramount announced its acquisition of the digital news publication The Free Press, appointing its founder Bari Weiss as editor-in-chief of CBS News.^[27] Later that month, the company began a restructuring program involving approximately 2,000 planned job reductions, following its earlier announcement of a target to reduce operating costs by about $2 billion.^[28]

Skydance Corporation (2026–present)

On October 6, 2026, Paramount Skydance completed its acquisition of Warner Bros. Discovery. Under the transaction, a subsidiary of Paramount Skydance merged into WBD, which survived as a wholly owned subsidiary of the acquiring company. Paramount Skydance Corporation subsequently changed its legal name to Skydance Corporation. Its Class B common stock transferred from Nasdaq to the New York Stock Exchange, changing its ticker symbol from PSKY to SKYD, while WBD shares ceased trading independently.^[38]

The acquisition brought together the film studios Paramount Pictures and Warner Bros. Pictures, streaming services including Paramount+, HBO Max and Discovery+, television networks such as CBS, CNN, HBO, Nickelodeon, Discovery Channel, Cartoon Network and businesses including DC Studios, Warner Bros. Games and TNT Sports.^[10]

David Ellison remained chairman and chief executive officer of Skydance, while former Mattel chief executive Ynon Kreiz became co-chief executive officer, responsible for day-to-day operations and integration. Andy Gordon became president, while other appointments included Casey Bloys to oversee streaming content and Dana Goldberg and Josh Greenstein to lead the combined motion picture group.^[39] The company announced plans to integrate its streaming operations and pursue at least $6 billion in annual cost savings within three years.^[9]

Several days after the merger closed, over 200 gigabytes worth of assets, promotional and behind the scenes material, and puppet rigs belonging to shows from Cartoon Network and its sister channel Adult Swim alongside Warner Bros. Animation leaked to the general public.^[40][41]

Film and television studios

The logos of Paramount Pictures and Warner Bros. Pictures, representing two of the three major film production businesses associated with Skydance Corporation.

Skydance Motion Picture Group oversees the company's theatrical film production and distribution operations. Led by Dana Goldberg and Josh Greenstein, it encompasses the Paramount Pictures and Warner Bros. Pictures film studios and their associated production labels.^[43]

• Paramount Pictures includes Paramount Animation, Paramount Players, Nickelodeon Movies and Republic Pictures, alongside film production and distribution operations. Related businesses include Skydance Animation, Skydance Animation Madrid and the company's 49% interest in Miramax.

• Warner Bros. Pictures operates alongside labels including New Line Cinema, Warner Bros. Clockwork, Warner Bros. Pictures Animation and Warner Bros. International operations. The company's film businesses also include theatrical distribution, home entertainment, studio facilities and the company's 5% stake in Spyglass Media Group.

• DC Studios develops film, television, animation and other adaptations based on characters published by DC Comics. The studio is led by James Gunn and Peter Safran.^[43]

Skydance TV encompasses the company's television production studios and television network businesses. Its production operations include Warner Bros. Television, CBS Studios and Paramount Television Studios, along with animation businesses such as CBS Eye Animation Productions, Nickelodeon Animation Studio, Warner Bros. Animation, Cartoon Network Studios and Hanna-Barbera Studios Europe. The division is co-led by George Cheeks and JB Perrette.^[43]

Streaming and direct-to-consumer

Skydance Direct-to-Consumer (DTC) oversees the company's subscription-based and advertising-supported streaming businesses. Its principal services include Paramount+, HBO Max, Discovery+ and Pluto TV, and its interest in SkyShowtime, a joint venture with Comcast.^[43][42]

The division is led by Casey Bloys, co-chair and chief content officer, and JB Perrette, co-chair and chief business officer. Bloys oversees original programming across HBO Max and Paramount+, while Perrette oversees areas including distribution, strategy, marketing and business operations. Following the acquisition, Skydance announced plans to integrate its streaming operations.^[43]

Television networks

Skydance TV oversees the combined company's broadcast and cable television businesses in the United States and internationally. Its television holdings include:^[43][44]

• CBS Entertainment Group – encompasses the CBS television network, owned-and-operated television stations and CBS Media Ventures.

• Paramount Media Networks – includes cable channels such as MTV, Nickelodeon, Comedy Central, BET, CMT, Paramount Network, TV Land and Smithsonian Channel.

• Warner Bros. Discovery television networks – includes Discovery Channel, TLC, HGTV, Food Network, Animal Planet, Investigation Discovery, TNT, TBS, Cartoon Network, Adult Swim, Turner Classic Movies and Oprah Winfrey Network.

• Premium television – includes HBO, Cinemax and the Showtime premium television brand.

• International television – includes 5 in the United Kingdom, Network 10 in Australia, TVN in Poland, and international television networks formerly operated by Paramount and Warner Bros. Discovery, including Eurosport.

Consumer products, publishing, gaming and experiences

Skydance Products & Publishing oversees the combined company's consumer products, publishing, and licensing efforts associated with its entertainment properties via its Paramount Consumer Products, Warner Bros. Discovery Global Consumer Products, Paramount Global Publishing, and DC Comics units.^[46]

Its interactive entertainment and experiences division includes Paramount Games Studio and Warner Bros. Games, which publish and develop video games based on company-owned and licensed intellectual properties. The broader portfolio also encompasses the licensing of attractions and experiences associated with Warner Bros., Paramount, and DC properties.^[44][47]

Enterprise leadership

• David Ellison – Chairman and Chief Executive Officer
• Ynon Kreiz – Co-Chief Executive Officer

Corporate leadership team

• Andy Gordon – President
  • Tony Driscoll – President, Games & Experiences
  • Jeff Silberman – EVP, Corporate Strategy^[48]
  • Josh Silverman – President, Global Products & Publishing
    • Jim Lee – President and Chief Creative Officer, DC Comics
  • Jim Sterner – Chief People Officer
  • Jose Turkienicz – President, Global Operations
• Dennis Cinelli – Chief Financial Officer
• Makan Delrahim – Chief Legal Officer and President, Global Corporate Affairs
  • Stephanie Kyoko McKinnon – General Counsel and Secretary
• Dane Glasgow – Chief Product Officer
• Rebecca Mall – Chief Marketing Officer
• Melissa Zukerman – Chief Communications Officer

Business leadership team

• Casey Bloys – Co-Chair and Chief Content Officer, Skydance Direct-to-Consumer
• George Cheeks – Co-Chair and Chief Content Officer, Skydance TV
  • Channing Dungey – Chair, Warner Bros. Television Group and U.S. Networks^[49]
• Dana Goldberg – Co-Chair, Skydance Motion Picture Group
• Josh Greenstein – Co-Chair, Skydance Motion Picture Group
• James Gunn – Co-Chair, DC Studios
• Peter Safran – Co-Chair, DC Studios
• JB Perrette – Co-Chair & Chief Business Officer, Skydance TV and Skydance Direct-to-Consumer
  • Jay Askinasi – Chief Revenue Officer, Advertising
  • David Decker – President, Content Sales
  • Ray Hopkins – President, Distribution
  • Channing Dungey – Chair, Warner Bros. Television Group and U.S. Networks^[49]

News leadership team

• Mark Thompson – Chair and Editor-in-Chief, CNN Worldwide
• Bari Weiss – Editor-in-Chief, CBS News