Skydance Announces Completion of Acquisition of Warner Bros. Discovery

Per an official press release from Skydance, Skydance Corporation (formerly Paramount Skydance) announced the completion of the acquisition of Warner Bros. Discovery, Inc. (WBD), now under the new combined entity known as “Skydance.” The new acquisition brings Warner Bros. Pictures and Paramount Pictures, Paramount+ and HBO Max, and a huge portfolio of TV and cable networks all under the Skydance umbrella.

As previously noted, WBD is the main broadcast partner of AEW, as well as a minority owner. Skydance’s Paramount+ is also the main streaming partner of TKO-owned UFC.

Per the press release, “The transaction closed following receipt of all required regulatory approvals under the merger agreement and satisfaction of other customary closing conditions. Skydance Class B shares will begin trading today on the New York Stock Exchange (NYSE) under the new ticker symbol ‘SKYD.'”

The press release also reads that, “Storytelling will drive the combined company’s growth, bringing creative visions to life for audiences in more than 200 countries and territories and creating greater opportunities for workers across the entertainment industry.” Company Chairman and CEO David Ellison also issued the following statement via the press release:

“Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”

The press release also maintains Ellison’s long-touted commitment of releasing 30 theatrical films a year, each with a minimum 45-day theatrical window. Additionally, it states that the media entity plans to support the independent production sector by commissioning content from independent studios, licensing content to third parties, and “creating more opportunities and more jobs for creatives, both in front of and behind the camera.”

As previously noted, former Mattel executive Ynon Kreiz was named co-CEO of Skydance, beginning his stint this week.