Skydance deal closes, begins new era for CNN, TNT

AJC.com • October 6, 2026 • general

Key Points:

Paramount has completed a $111 billion acquisition of Warner Bros. Discovery, forming a new company called Skydance, led by co-CEOs David Ellison and Ynon Kreiz.
Skydance now controls major studios Warner Bros. and Paramount, as well as prominent television brands including HBO, CBS, TNT, TBS, Cartoon Network, MTV, Nickelodeon, and BET.
The merger is expected to generate $70 billion in annual revenue and $6 billion in cost savings by optimizing real estate, consolidating resources, and streamlining streaming technology.
Skydance's Turner networks are valued at approximately $8 billion, making them a significant part of the combined portfolio.
By 2026, Skydance is projected to employ around 3,000 people in Atlanta, reinforcing the city's status as a global media hub.