What is Skydance? Essential things to know about Hollywood's newest media giant

Paramount’s $81 billion takeover of Warner Bros. Discovery closed Tuesday, October 6, creating a new entertainment powerhouse called Skydance.

The deal brings two of America’s oldest film studios under the leadership of billionaire David Ellison and co-CEO Ynon Kreiz.

Here are some of the major facts about the new merger:

It’s one of the biggest media mergers ever

The combined company, valued at roughly $111 billion including debt, brings together two of America’s oldest film studios. Skydance owns Paramount+, CBS, HBO Max, CNN, and famous franchises like Top Gun, The Godfather, and Harry Potter.

CEO is billionaire David Ellison

The 43-year-old tech scion, son of Oracle co-founder Larry Ellison, launched a small production company two decades ago. He bought Paramount for $8 billion in 2025, then set his sights on the much larger Warner. Following a messy bidding war with Netflix and nine offers, he prevailed.

The company is meant to be a tech giant

Ellison has hired executives from Google, Meta, Microsoft, and Scale AI. He calls AI a “force multiplier” for filmmakers. He said: “Unless you can build a tech product that is truly competitive with what’s coming out of Silicon Valley, you can’t compete.”

Cost cuts are coming

Skydance carries around $80 billion in debt. Executives say savings will come from technology integration, marketing, and real estate. Critics warn that integrating high technology in the company means layoffs. Co-CEO Ynon Kreiz said the company will “build the most technologically capable media company.”