 Logo used since 2025 | |
 Paramount Skydance's headquarters at the Paramount Pictures studio lot in Los Angeles, California | |
| Paramount | |
| Company type | Public |
| ISIN | US69932A2042 |
| Industry | |
| Predecessors | |
| Founded | August 7, 2025; 6 months ago (2025-08-07) |
| Founder | David Ellison |
| Headquarters | 5555 Melrose Avenue, Los Angeles, California ,United States |
Area served | Worldwide (except Russia, Belarus and North Korea) |
Key people |
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| Products | |
| Services | |
| Owners |
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Number of employees | 13,800 (November 2025) |
| Divisions | |
| Subsidiaries | List of assets owned by Paramount Skydance |
| Website | www |
| Footnotes / references [1][2] | |
Paramount Skydance Corporation (doing business asParamount)[discuss] is an American multinationalmass media and entertainmentconglomerate. The company is headquartered at theParamount Pictures lot in theHollywood neighborhood ofLos Angeles, California,[1] with multiple of Paramount's divisions and subsidiaries, as well as one of Paramount's major offices and meeting places, being headquartered at the previous Paramount Global headquarters atOne Astor Plaza inNew York City.CBS is also headquartered in New York City, but at theCBS Building and theCBS Broadcast Center both inMidtown Manhattan. Paramount Skydance also houses major offices at the previous Skydance Media headquarters inSanta Monica, California.
Paramount Skydance was formed on August 7, 2025, byDavid Ellison, through themerger ofParamount Global,National Amusements, andSkydance Media.[3][4][5][6] The company trades under the ticker symbol "PSKY" on theNasdaq.[7]
The evaluation of the Paramount Skydance merger by U.S. regulators was affected byDonald Trumpbecoming president for a second term. At the time, Trump was in an on-going lawsuit with CBS, one of Paramount's properties, alleging that CBS News's reporting amounted to election interference; lawyers widely described the lawsuit as baseless. However, in an extraordinary move, Paramount paid $16 million to settle the CBS-Trump lawsuit in July 2025 to ensure that the FCC, headed by a Trump loyalist,[8][9][10] would not block the merger.[11][12][13] Paramount also chose tonot renewThe Late Show with Stephen Colbert afterColbert referred to the settlement on-air as a "big fat bribe".[14] After the merger went through, David Ellison made conservative-friendly changes toCBS News, including hiring conservative political commentatorBari Weiss as its editor-in-chief.[15] Trump praised the decisions to hire Weiss and to cancelThe Late Show.[16][17]
 | |
| 1886 | Westinghouse Electric Corporation is founded as Westinghouse Electric & Manufacturing Company |
|---|---|
| 1912 | Famous Players Film Company is founded |
| 1913 | Lasky Feature Play Company is founded |
| 1914 | Paramount Pictures is founded |
| 1916 | Famous Players and Lasky merge asFamous Players–Lasky and acquire Paramount |
| 1927 | Famous Players–Lasky is renamed Paramount Famous Lasky Corporation;CBS is founded with investment fromColumbia Records |
| 1929 | Paramount acquires 49% of CBS |
| 1930 | Paramount Famous Lasky Corporation is renamed Paramount Publix Corporation |
| 1932 | Paramount sells back its shares of CBS |
| 1934 | Gulf+Western is founded as the Michigan Bumper Corporation |
| 1935 | Paramount Publix Corporation is renamed Paramount Pictures |
| 1936 | National Amusements is founded as Northeast Theater Corporation |
| 1938 | CBS acquires Columbia Records |
| 1950 | Desilu is founded and CBS distributes its television programs |
| 1952 | CBS creates the CBS Television Film Sales division |
| 1958 | CBS Television Film Sales is renamed CBS Films |
| 1966 | Gulf+Western acquires Paramount |
| 1967 | Gulf+Western acquires Desilu and renames itParamount Television (nowCBS Studios) |
| 1968 | CBS Films is renamed CBS Enterprises |
| 1970 | CBS Enterprises is renamedViacom |
| 1971 | Viacom is spun off from CBS |
| 1987 | National Amusements acquires Viacom |
| 1988 | CBS sells Columbia Records toSony |
| 1989 | Gulf+Western is renamedParamount Communications |
| 1994 | Viacom acquires Paramount Communications |
| 1995 | Paramount Television andUnited Television launchUPN; Westinghouse acquires CBS |
| 1997 | Westinghouse is renamedCBS Corporation |
| 2000 | Viacom acquires UPN and CBS Corporation |
| 2005 | Viacomsplits into the secondCBS Corporation andViacom |
| 2006 | Skydance Media is founded as Skydance Productions; CBS Corporationshuts down UPN and replaces it withThe CW |
| 2009 | Paramount and Skydance enter an agreement to co-produce and co-finance films |
| 2017 | CBS Corporation sellsCBS Radio to Entercom (nowAudacy) |
| 2019 | CBS Corporation and Viacomre-merge as ViacomCBS |
| 2022 | ViacomCBS is renamedParamount Global |
| 2025 | Skydance acquires National Amusements andmerges with Paramount Global asParamount Skydance |
Through an assortment of corporate mergers, splits, and partnerships,Paramount Pictures,CBS,Viacom, andSkydance Media shared a long history prior to the 2025 merger joining the entities as Paramount Skydance.[18]
Paramount Pictures was founded in 1912 as theFamous Players Film Company.[19] CBS was founded in 1927, and Paramount Pictures held a 49% ownership stake in from 1929 to 1932.[20][21]
In 1952, CBS formed CBS Television Film Sales, a division which handledbroadcast syndication rights for CBS's library of network-owned television series.[22][23][24] This division was renamedCBS Films in 1958[25][26] and again renamed CBS Enterprises Inc. on December 1, 1967.[27][28] It was renamedViacom (an acronym of Video and Audio Communications) in 1970.[29] In 1971, this syndication division wasspun off amid newFCC rules forbidding television networks fromowning syndication companies (these rules were eventually abolished completely in 1993).[30]
Meanwhile, Paramount Pictures was acquired byGulf and Western Industries in 1966, which then re-branded itself asParamount Communications in 1989.[31]
In 1986, Viacom purchasedMTV Networks andShowtime/The Movie Channel Inc. fromWarner Communications andAmerican Express.[32] In 1987, a majority stake in Viacom was acquired by theater operator companyNational Amusements.[33]
Viacom then purchased a 50.1% stake in Paramount Communications in February 1994 for $9.75 billion, following a five-month battle with shopping channelQVC. The merger was completed in July.[34][35][36] In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parentCBS Corporation (the renamedWestinghouse Electric Corporation, which had merged with CBS in 1995). The merger was completed in 2000, resulting in CBS reuniting with its former syndication division.[37][38]
On December 31, 2005, Viacom was split into two companies:the second incarnation of CBS Corporation, the former's corporate successor, andthe second incarnation of Viacom, which was formed as a spin-off.[38][39]
Skydance Media was founded in 2006 byDavid Ellison.[40] In 2009, Skydance and Paramount Pictures signed a five-year co-financing, production and distribution agreement, with Paramount holding an additional option of distribution.[40] That deal would later be extended twice in 2013 and 2017.[41][42]
In 2023, after struggling with debt and striving to remain competitive in the entertainment industry, Paramount's parent company,National Amusements, explored potential merger and acquisition opportunities for Paramount Global. Numerous prominent companies, such asSony Pictures,Warner Bros. Discovery,Apollo Global Management,Warner Music Group,Allen Media Group, and Skydance Media, had indicated their interest in exploring potential business partnerships or purchasing the company.[43][44][45]
After first coming to a merger deal with Skydance, Paramount and Skydance canceled the proposed merger on June 11 due to unsatisfactory conversations. Following a break in the talks, Skydance was able to reach a preliminary agreement on July 2, 2024, to perform a 3-way merger between it, National Amusements, and Paramount to establish what was then known as "New Paramount".[46] After the merger closed, Skydance MediaCEODavid Ellison became the chairman and CEO of the combined company andJeff Shell became the president.[47]
Paramount said in February 2025, and May 2025, that it expected the transaction to close within the first half of the year, but it did not happen.[48][49] With the deal not yet approved, the first automatic extension to July 7, 2025, went into effect on April 8, 2025,[50][51] after which the second automatic extension to October 4, 2025 went into effect on July 7, 2025.[52][53] TheSEC and theEuropean Commission (EC) approved the transaction in February 2025.[54] On July 24, 2025, the FCC approved the merger between Paramount Global and Skydance Media.[55][56][57][58]
On August 4, 2025, Paramount Skydance announced some of its new leadership alongside Ellison and Shell, with Andy Gordon joining as COO and strategy officer; Cindy Holland leading streaming services Paramount+ and Pluto TV; Dana Goldberg and Josh Greenstein co-leading Paramount Pictures; and Paramount Global veteran George Cheeks leading television networks.[59] It was also announced the same day that the company would comprise 3 major units: studios (consisting of Paramount Pictures, Skydance Pictures, Nickelodeon Movies and other divisions such as those for film, television and video games), direct-to-consumer (Paramount+ and Pluto TV) and television media (CBS, BET, MTV, Nickelodeon among others). It also announced the merger ofShowtime/MTV Entertainment Studios and Skydance Television into a revival ofParamount Television Studios to be headed by Matt Thunell. Oversight of the television units would be split, with Thunell heading the studios division (focusing on the streaming services) and George Cheeks overseeing production for the television media division (focusing on the linear networks), as well asSouth Park, which renewed its standing with Paramount in a deal worth $1.5 billion.[60][61][62] Three months later in October following Paramount Skydance's relaunch of Paramount Television Studios, it was announced thatNickelodeon Group's live-action studio Nickelodeon/Awesomeness Live-Action aka Nickelodeon Productions andAwesomeness' production studio including Nickelodeon's & Awesomeness' production states was folded into the relaunched studio Paramount Television Studios, with the relaunched studio taking over Nickelodeon's current production state alongside Awesomeness' current productions, and would produce their future production slates beginning with the upcomingVictorious spin-off seriesHollywood Arts which was originally ordered at Nickelodeon had moved to Netflix as its first Nickelodeon-branded series produced by the revived studio.[63]
On August 5, 2025, Paramount Skydance announced layoffs of around 1,000 employees and a slashing of $2 billion in operating costs, alongside interest in a merger of Paramount+ and Pluto TV with assist from Oracle Corporation.[64] On August 7, Jeff Shell announced that Paramount Skydance was exploring a sale of the NAI cinemas.[65] On August 8, Paramount announced that they would be based in the Paramount Pictures lot inLos Angeles, departing fromOne Astor Plaza for the first time since the first Viacom moved there in 1994.[1][66] On August 11, Paramount announced a seven-year deal withTKO Group Holdings whereUltimate Fighting Championship (UFC) will be exclusively distributed in the United States. UFC's 13 marquee numbered events and 30 "Fight Nights" will air on its streaming platform, Paramount+, with select numbered events also set to simulcast on CBS starting in 2026.[67][68]
On August 13, 2025, Paramount announced thatTop Gun 3,Star Trek, and other projects were now priorities. Paramount executives are looking to release twenty films per year.[69][70] Cindy Holland, chairperson of direct-to-consumer, said, "We want to entertain all audiences around the world. On Paramount+ today, we have a really great foundation, which is theTaylor Sheridan universe. We also have incredible CBS next-day, live sports, a lot from thecable networks, franchises likeStar Trek, so many series. We're seeking to expand that and make sure that we’re offering programming for everybody not just occasionally, not just for the one thing they came to watch but ultimately and hopefully a year round and a daily habit for all audiences."[71] Streaming films will not be a priority per Ellison.[72] Also that day, Shell announced $2 billion in cuts. "We do not want to be a company that has layoffs every quarter. So, it is important for us to get done what we're doing in one big thing and then be done with it," Shell said.[2] On August 19, Paramount announced a four-year deal withMatt and Ross Duffer, the creators ofStranger Things, for movies, television and streaming projects at Paramount+. The agreement will commence following the conclusion of their current deal withNetflix in April 2026.[73][74][75]
On September 2, 2025, Paramount Pictures announced that they andMicrosoft-ownedActivision Blizzard had inked a deal that will see the studio develop, produce and distribute a live-action film based on theCall of Duty franchise, which Ellison, a long-time fan of the series, considered a "dream come true".[76] On September 3, Paramount Pictures announced that they signed a first-look, multi-picture deal withWill Smith and his companyWestbrook. The deal will include films likeSugar Bandits andRabbit Hole. Westbrook will also relocate to the Paramount lot in Hollywood.[77] On September 4, Paramount Pictures andLegendary Entertainment announced a three-year worldwide film distribution deal. Under the deal, Paramount will market and distribute Legendary-developed and -produced theatrical films globally, excludingChina, where Legendary East handles all marketing and distribution activities.Warner Bros. Pictures will continue to globally distribute films from select Legendary franchises includingDune: Part Three andGodzilla x Kong: Supernova (outside of Japan, which will be handled byToho). The first film under the Paramount deal will be thelive-action adaptation of theStreet Fighter video game series.[78] Also on September 4, Paramount announced a return to office policy that requires all employees to be in the office five days a week.[79] On September 5, it was announced thatPiers Morgan Uncensored will move fromYouTube to5 where it will air as a 90-minute highlights show starting September 12.[80]
On September 12, 2025, Paramount Skydance announced they would be launching a sports media division called Paramount Sports Entertainment, the division would produce scripted and unscripted programming for its own platforms as well as third-party media companies and streaming services, while also developing sports-focused interactive games and experiences while also housingSkydance Sports. The division is also expected to collaborate withCBS Sports, but it will not be directly involved in live sports broadcasts. The division would be led by Skydance Sports chairman Jesse Sisgold.[81][82][83][84] On September 16, Paramount Skydance added AI executive Dennis K. Cinelli to its board as an independent director, effective immediately. The appointment expands the body to 11 directors.[85]
On September 17, 2025, it was announced that Marc Weinstock would be stepping down from his role as President of Worldwide Marketing and Distribution at Paramount Pictures. His departure comes as Josh Goldstine, the former marketing chief at Warner Bros., is expected to take over the position, according to media reports.[86] On September 23, A former top official in the Trump Administration,Makan Delrahim, is in advanced talks to join the newly merged Paramount Global in a major legal role, according to sources with direct knowledge.[87][88] On September 26, Pam Kaufman exited her role as Paramount President and CEO of International Markets, Global Consumer Products and Experiences.[89]
On October 6, 2025, it was announced that Paramount Skydance namedBari Weiss as editor-in-chief of CBS News after acquiring her outletThe Free Press,[90][91] a deal valued at $150 million.[92] On October 23, Paramount Skydance sold its Argentine television networkTelefe alongside its regional stations inSanta Fe andCórdoba, its international channelTelefe Internacional, its production divisions and its content library to holding companyGrupo Televisión Litoral [es], a company of businessman Gustavo Scaglione and José Luis Manzano.[93] On October 27,The Hollywood Reporter announced that Taylor Sheridan was leaving Paramount forNBCUniversal as Paramount did not offer Sheridan an offer to stay.[94][95][96][97] Also on October 27, it was announced thatJohn Dickerson would be leavingCBS News who has been employed with over 16 years.[98] On October 29, Ellison said that redundancies that phasing out roles that are no longer aligned with its 'evolving priorities' were "designed to strengthen our focus on growth".[99] Paramount announced anchors Dana Jacboson andMichelle Miller as well as producer Brian Applegate ofCBS Saturday Morning would be a part of the 2,000 layoffs planned.[100][101] The company announced the layoffs of motion picture divisions, including production, literary, marketing and music including executivesRandy Spendlove, Bryan Oh, Geoff Stier, Andres Alvarez, Rachel Cadden, Christine Benitez, and Phil Cohen. Also TV Executives Teri Fleming, Pamela Soper, Amanda Palley,Rose Catherine Pinkney,Robi Reed, Wendy Plaut, Amanda Culkowski, Margaret Comeaux, Jeff Grossman, Patricia Kollappallil, Gregory Heller, Amy Campbell, and Andrea Ballas were a part of the layoffs.[102][103][104]
On October 30, 2025, Matt Thunell announced the department heads in areas such as Creative, Production, Business Affairs & Legal, Finance & BA, with some functions, including Talent & Casting and Corporate were either staying, newly hired, or promoted to different departments. Those named are Head of Development Shelley Zimmerman, EVP of Current Series Carolyn Harris, President of Showtime/MTV Entertainment Studio Keith Cox, Head of Production Drew Brown, Head of Business Affairs Virginia Lazalde-McPherson, EVP, Legal Affairs Lance McPherson, and Head of Finance Mel Rauch. Matt Hengemuhle moved from SVP, Financial Planning & Analysis to Direct to Consumer. Tricia Wood, EVP Casting for Paramount Pictures will also cast forParamount Television Studios. Those leaving are EVP and Head of Global Production for Showtime/MTVE Keri Flint, EVP, TV Business & Legal Affairs for Skydance Jeff Hegedus, CFO, Paramount Media Networks, Showtime/MTVE Studios Candice Brancazio, EVP, Head of Live-Action Series, Films & Talent, Nickelodeon and Awesomeness TVShauna Phelan, and EVP, Head of Global Talent and Content Development for Showtime/MTVE Trevor Rose.[105]
On November 10, 2025,Los Angeles Times reported that Paramount laid off 1,600 employees inSouth America in exchange of a reduction of 15% of its workforce and cost savings which are worth $3 billion.[106] The next day, 600 employees chose the severance package and left their jobs instead of returning to the office.[107] On November 14, Paramount announced its decision to sellChilevisión to Vytal Group.[108] Also that day,U. S. House of RepresentativesJamie Raskin andFrank Pallone, the top twoDemocrats on theHouse Energy & Commerce Committee, said Paramount had not fully cooperated with their investigation in the settlement agreement between Skydance, Paramount Global, and President Trump. In August, they had requested documents from Paramount, communications with theTrump administration, theFederal Communications Commission (FCC), and internal communications concerning the merger between Skydance and Paramount.[109][110]
On December 4, 2025, Paramount unveiled its TV Media leadership team. Under these changes, Laurel Weil would lead programming across the division. Jeannie Scalzo would lead MTV with Sitarah Pendelson handling all of the channel's programming. Jurles Borkent would now lead Nickelodeon Kids & Family after being president of the channel's international unit while Ari Pearce would lead Comedy Central.[111] On December 31 of the same year, Paramount shut down the various MTV music channels outside of the United States (MTV 80s,MTV 90s,MTV 00s,Club MTV,MTV Live,MTV Hits, andMTV Music), marking the end of their broadcasting of music in those regions after 38 years (dating from the launch ofMTV Europe) alongside a number of other channels which included channels in France and Brazil, the latter marking its exit from the Brazilian pay-television market.[112] This closure represented the definitive end of the MTV brand on Brazilian television, following its 1990 launch as abroadcast network in one of the first markets outside the United States, after MTV Europe, andits relaunch by Viacom on cable TV in 2013.[113]
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According to reports, Bob Bakish, the president and CEO of Paramount Global, andDavid Zaslav, the CEO ofWarner Bros. Discovery (Warner previously also held several channels that are currently owned by Paramount such asMTV,Nickelodeon,The Movie Channel,VH1 andComedy Central; Paramount and Warner both hold stakes atThe CW andPhilo), met on December 20, 2023, to examine the possibility of a merger.[114][115] While representatives for the two businesses said that negotiations were in the early stages and would not guarantee a deal, it was revealed through insider sources that Zaslav was "not in deal mode".[116] Warner Bros. Discovery ended the merger negotiations with Paramount on February 27, 2024.[117]
In September 2025, The Wall Street Journal and others reported that Paramount Skydance was weighing a takeover of Warner Bros. Discovery, a deal that, unlike the Skydance–Paramount tie-up, was expected to sidestepFederal Communications Commission review because WBD holds no broadcast licenses.[118] The idea drew immediate political scrutiny, with SenatorElizabeth Warren urging regulators to stop it,[119] while price talk swung widely: early chatter reached about $70 billion,[120] mid-month commentary pointed to the mid-$50 billions,[121] and by September 19 reporting centered on scenarios "north of" $45 billion alongside a potential $22–$24 per-share offer structure that could be 70–80% cash, with support fromLarry Ellison. By September 29, CNBC’sDavid Faber suggested a friendly agreement looked unlikely and that Paramount might need to take any bid directly to WBD shareholders.[122][123][124]
Industry voices spent the month debating what such a combination would mean. UTA chief David Kramer called it a mixed prospect for Hollywood,[125] andFX Networks chairmanJohn Landgraf predicted that large-scale consolidation among legacy studios was essentially unavoidable.[126] Strategically, observers noted the sheer scale on offer: Paramount Skydance's roughly 4,500-film, 200,000-episode library (including the CBS/Paramount Television,Spelling Television and libraries from the cable networks alongside the pre-1973 programming libraries ofNBC andABC) alongside Warner Bros.' catalog of about 10,000 films (including the pre-April 1986MGM, February 1952 – May 1986United Artists and pre-May 1982Orion Pictures libraries) and 120,000 episodes (including theTurner,HBO and Discovery legacy libraries).[127][128][129][130][131] Much industry speculation centred around how this could change competition, and the line-up of streaming services such asPluto TV.[125][132]
Financially, late-month research cautioned that even post-deal, most earnings power would still come from traditional TV:Bernstein Research estimated roughly 70% of EBITDA would be tied to linear networks, even asKPMG highlighted US content spend surpassing $200 billion and continuing to rise.[133]
On October 2, 2025,CNBC speculated that their then-parent company,NBCUniversal, prior to its spin-off intoVersant, could be the biggest wild card for the acquisition of Warner Bros. Discovery's assets.[134] On October 13, 2025, Warner Bros. Discovery rejected a proposed first bid from Paramount Skydance, but Paramount Skydance is considering to raise their offer or go directly to Warner Bros. Discovery's shareholders.[135] On October 21, theNew York Post said that Warner Bros. Discovery had privately rejected a new $24-a-share bid by Paramount Skydance.[136][137][138] On October 8, theNew York Post reported that Paramount Skydance was in talks with major private equity firms, includingApollo Global Management (the company that ownsLegendary Entertainment andCox Media Group) to join its possible bid to buy Warner Bros. Discovery which could cost upwards of $60 billion.[139][140]
On October 28, 2025, Paramount CEO David Ellison said that he plans to shut downHBO Max as a standalone streaming service, and merge it withParamount+ if the merger goes through, followingBob Iger's plans to shut downHulu and merge it withDisney+ in 2026 (Hulu has already replaced Star in international markets outside of the United States and Japan). Ellison also says that Paramount wanted to keep most of Warner Bros. Discovery intact.[141]
On December 4, 2025, Paramount blamed Warner Bros. Discovery for orchestrating an unfair bidding process that favors Netflix.[142] Netflix won the bidding war later that day and would begin exclusive deal talks.[143]
On December 5, Netflixannounced that they would be buying the Warner Bros. streaming and studio company for $72 billion after the split closes in the third quarter, valuing WBD at $82.7 billion. Although Netflix ultimately won the bidding process, the transaction was still subject toregulatory approval in multiple jurisdictions.[144] Amid the ongoing antitrust review, reports indicated that Paramount Skydance might consider launching ahostile takeover bid should the approval process create an opening.[145] Three days later, Paramount launched a hostile takeover bid of WBD for an enterprise value of $108.4 billion.[146] Paramount argued its $30 per share all-cash offer was superior to the $27.75 per share offer from Netflix, and that a combination with Paramount faced lower regulatory hurdles.[147] On December 11, Paramount Skydance was considering raising its takeover offer for Warner Bros. Discovery by as much as 10% as it plots its next move to break up a merger agreement with Netflix. The new offer of Warner Bros. for Paramount would now be $33 per share for $90 billion, while the new offer of Warner Bros. for Netflix would now be $30.75 per share for $86 billion.[148] On December 17, WBD told its shareholders to reject Paramount's bid, instead proceeding with the Netflix acquisition.[149]
On December 22, 2025, Warner Bros. Discovery's board reviewed an offer from tech tycoon Larry Ellison to personally guarantee Paramount Skydance's $78 billion hostile takeover bid – adding a fresh twist to a bidding war that has most recently favored Netflix, On the Money has learned.[150]
On January 7, 2026, it was reported byVariety that Warner Bros. Discovery's board of directors had rejected the amended offer by Paramount Skydance to acquire the entire company, with the board writing in aSEC filing that they considered the Paramount Skydance offer to be of "insufficient value", and that the offer was "inadequate", as they believed the Netflix offer was of better value to their shareholders, with the board sticking with the Netflix offer for Warner Bros. Discovery's Streaming and Studios division.[151][152]
On January 23, 2026, Netflix Co-CEO Greg Peters Says Paramount’s WBD Bid ‘Doesn’t Pass the Sniff Test', but Netflix's WBD bid actually passed the Sniff Test. In fact, he said Paramount Skydance’s rival $108.4 billion all-cash bid for Warner Bros. Discovery is a smoke screen largely reliant on tech billionaire Larry Ellison, the father of Paramount CEO David Ellison, and tens of billions in debt. As of January 23, 2026, approximately 7% of WBD’s 2.5 billion outstanding shares have been tendered to the Paramount deal, which is set to expire on Feb. 20.[153]
On February 5, 2026, David Ellison has written an open letter to the UK creative community, committing to content investment, theatrical windows, and preserving HBO, as Paramount continues its pursuit of Warner Bros. Discovery (WBD). With Ellison’s hopes of landing his prize looking increasingly bleak, the CEO also took the opportunity to swipe at Netflix, suggesting that the streamer’s vision for WBD’s studios assets would create a “monopolistic or dominant entity.” Netflix has said it is “highly confident” of getting its $83B deal past regulatory authorities in the UK and beyond. “This deal is pro-consumer, pro-innovation, pro-worker, pro-creator and pro-growth,” a UK spokesperson said in a statement last week. Ellison, who has been meeting with UK lawmakers as part of a charm offensive in the country, said: “We believe the creative community and audiences are best served by greater choice — not less — and by a marketplace that encourages the full spectrum of filmmaking, content creation, and theatrical exhibition, not one that eliminates meaningful competition by creating a monopolistic or dominant entity.” He specifically named Netflix, adding: “In stark contrast to Netflix’s path, this proposed combination is intended to strengthen competition by creating a more capable and effective rival to the dominant platforms.” Ellison set out Paramount’s commitments as part of its hostile WBD takeover plan, though there did not appear to be any specific gestures to the UK creative community. He repeated Paramount’s plan to release more than 30 cinema films a year and said the company would commit to a minimum theatrical window of 45 days (Netflix has made the same pledge). “HBO will continue to operate independently under our ownership, enabling it to create more of the world-class content it is renowned for,” he added. HBO Max will launch in March in the UK, where Paramount owns assets including 5, the public service broadcasting network. Ellison concluded: “At Paramount, we will do everything in our power to ensure the next generation of extraordinary films can be told and seen by the broadest possible audience on the biggest screens. And we will do so under conditions of fair access and vibrant marketplace choice—because we are pro-competition, pro-creative community, and pro-consumer.”[154]
On February 10, 2026, Paramount Skydance has enhanced its Warner Bros Discovery bid by offering extra cash for each quarter the deal fails to close after this year and agreed to cover the breakup fee the HBO owner would owe Netflix if it walked away. Even though Paramount did not raise its overall per-share offer, the sweeteners mark the company's latest attempt to woo Warner Bros shareholders in its prolonged battle with Netflix for control of some of the world's most prized TV and film assets. The CBS parent has offered a 25-cent per share "ticking fee" that will equal to about $650 million in cash each quarter between the start of 2027 and the close of a deal with Warner Bros, Paramount said in on Tuesday. It did not raise its overall offer of $30 per share, or $108.4 billion, for the whole of Warner Bros including cable assets. But Paramount would fund the $2.8 billion termination fee that Warner Bros would owe Netflix if their $82.7 billion deal for its studio and streaming assets falls through. Both Netflix and Paramount covet Warner Bros for its leading film and television studios, extensive content library and major franchises such as "Game of Thrones," "Harry Potter" and DC Comics' superheroes Batman and Superman. Several analysts said the move signaled Paramount's confidence that the Netflix deal may fail to pass regulatory scrutiny and it would have an easier path to approval, but it may not be enough to sway investors waiting for a higher offer. "The sweetened offer still appears to fall short. It does, however, raise pressure on Warner Bros and somewhat narrows the excuses," said Paolo Pescatore, analyst at PP Foresight. Warner Bros Discovery and Netflix did not immediately respond to requests for comment. Warner Bros shares were 1.6% higher, while Netflix gained 2.7% and Paramount was up 0.7%. Paramount also unveiled several other measures aimed directly at addressing criticisms about its offer from the Warner Bros board. It would backstop Warner Bros' planned debt exchange, eliminating the risk of a potential $1.5 billion fee owed to bondholders and would grant WBD the same interim operating flexibility it negotiated with Netflix. The company also said it certified compliance with the U.S. Department of Justice's second request on Monday, triggering a 10-day waiting period and has already secured foreign-investment clearance in Germany. It added it is in talks with antitrust regulators in the U.S., the European Union and the UK. "We are making meaningful enhancements – backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility," Paramount CEO David Ellison said in a statement. The CBS owner has engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros has spurned Paramount. Warner Bros will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April. Netflix had last month switched to an all-cash offer for Warner Bros without increasing its $82.7 billion price. Warner Bros board has maintained that the Netflix merger deal is superior to Paramount's bid because its investors would retain a stake in the separately traded Discovery Global.[155] On that same day, Activist investor Ancora Holdings has built a roughly $200 million stake in Warner Bros Discovery and plans to oppose Warner's deal to sell its prized TV and film assets to Netflix and support Paramount's offer, the Wall Street Journal reported on Tuesday.[156]
On February 11, 2026, Activist investor and Warner Bros. Discovery shareholder Ancora Alternatives LLC threatened to vote ‘no’ on the Netflix deal, vote 'yes' on the Paramount deal, and launch its own proxy fight if the WBD board does not engage with Paramount. The David Ellison company Tuesday sweetened its hostile takeover offer for Warner in its latest attempt to derail the company’s agreement with Netflix. The WBD board “now has no choice but to deem Paramount’s amended offer as one that could reasonably be expected to result in a Superior Proposal, given Netflix’s presently inferior proposal and unaddressed regulatory issues. Once that happens, the Board could then engage in good faith with Paramount to maximize shareholder value, paving the way for WBD to secure an even higher offer. If the WBD Board refuses to do this, Ancora will vote “NO” on the inferior Netflix deal and seek to hold the WBD Board accountable at the 2026,” the firm said in a presentation. “The WBD Board opted to rush into a flawed deal with Netflix rather than earnestly pursue a superior offer from Paramount – in line with the directors’ fiduciary duties,” it said. WBD said it is considering Paramount’s revised offer, which has raised the heat on the board more than the Ellison’s previous bids as it appears to address most of Warner’s concerns. “Paramount Skydance just made things more interesting…Could the WBD Board take PSKY more seriously? Is this potentially an elegant off-ramp for NFLX?” asked Seaport Research analyst David Joyce in a note. “Paramount Skydance rather materially just addressed most of the Warner Bros Discovery Board’s concerns with an economically enhanced offer for WBD shares.” Paramount did not raise its $30-a-share cash bid but injecting a new $0.25-per-share so-called “ticking fee” payable to WBD shareholders for each quarter its transaction has not closed beyond Dec. 31, 2026. It agreed to fund a $2.8 billion termination fee that would be payable to Netflix if WBD called things off & it committed to work with WBD on debt financing costs and obligations.[157]
On February 13, 2026, Paramount Skydance has named Rene Augustine, a former Trump administration attorney, as its senior vice president of global public policy, according to a company memo seen by Reuters, amid an ongoing takeover battle for Warner Bros Discovery.[158] Meanwhile, Warner Bros. Discovery, attracted the attention of activist investor Sachem Head Capital Management in the fourth quarter when the media and entertainment giant agreed to sell its streaming and studios business to Netflix, according to a regulatory filing on Friday.Sachem Head, one of last year's best-performing hedge funds, said in the Securities and Exchange Commission filing that it more than doubled its holding in Warner Bros. Discovery to own nearly 8 million shares at the end of the fourth quarter.[159]
On February 15, 2026,Bloomberg reported that Warner Bros. Discovery is considering reopening sale talks with Paramount Skydance.[160]
Paramount Skydance comprises 4 major business segments:
Other businesses that are now part of Paramount Skydance include the former subsidiaries ofNational Amusements such asShowcase Cinemas and the Brazilian business ofUCI Cinemas.
Source:[164]
In November 1985, Viacom acquired MTV for $326 million in cash and warrants. One-third of MTV was publicly owned; the rest was owned by Warner Communications and the American Express Company. At the same time, Viacom bought 50 percent of Showtime, the pay television service, that it did not already own for $184 million.
Viacom completed acquisition of Paramount Communications in July 1994, creating one of the world's largest entertainment companies.
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