Paramount Skydance completed its acquisition of Warner Bros. Discovery today, a deal that created the $111 billion company known as Skydance. In an announcement, the company stated that its direct-to-consumer streaming services, including HBO Max, Paramount+, and Discovery+, will unify into a single service over time.
This consolidation follows months of industry speculation. The corporate structure stems from the 2022 merger between Discovery Inc. and WarnerMedia, which formed Warner Bros. Discovery. Discovery Inc. had launched Discovery+ in 2021. The acquisition ends a saga that began when Netflix announced plans to buy Warner Bros. Discovery last year, only to scrap those plans in February.