Paramount Skydance Corporation and Warner Bros. Discovery, Inc. have officially announced that their merger is expected to close on October 6, 2026, subject to customary closing conditions.
Under the terms of the Merger Agreement originally executed on February 27, 2026, each outstanding share of Warner Bros. Discovery common stock will be converted into the right to receive $31.00 in cash, plus a daily ticking fee of $0.00277778 for each calendar day elapsed after September 30, 2026, up to and including the closing date. Based on the anticipated October 6 closing, Warner Bros. Discovery shareholders will receive approximately $31.01666668 per share.
Concurrently with the timing announcement, Paramount Chairman and Chief Executive Officer David Ellison revealed that Ynon Kreiz has been appointed Co-CEO of the anticipated combined enterprise, effective upon closing. Kreiz, who served as Chairman and CEO of Mattel since 2018, will officially join Paramount on October 5, 2026. Following the transaction’s completion, Kreiz will also join the combined company’s Board of Directors.
The leadership structure establishes a complementary division of responsibilities designed to manage the integration of the two media giants. As Chairman and CEO, Ellison will oversee long-term strategy, overall creative vision, talent relationships, strategic partnerships, technology, and capital allocation. Kreiz, serving as Co-CEO, will lead day-to-day operations and execute the operational integration across the combined portfolio. Both executives will share joint reporting lines for the operating businesses.
The transaction unites two of Hollywood’s most prominent media entities, bringing together extensive film, television, gaming, and sports portfolios. The combined company’s direct-to-consumer footprint is expected to reach over 200 million global subscribers. Management projects the merger will generate more than $6 billion in run-rate synergies and accelerate earnings growth, guided by strategic priorities focused on content production, technological infrastructure, operational efficiency, and stakeholder engagement.