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— CH. 1 · THE AUGUST MERGER —

Paramount Skydance

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  • On the 7th of August 2025, David Ellison officially formed Paramount Skydance Corporation. This new entity emerged from a three-way merger between Paramount Global, National Amusements, and Skydance Media. The company began trading under the ticker symbol PSKY on the Nasdaq exchange. Its headquarters moved to the historic Paramount Pictures lot in Hollywood, California. Multiple divisions relocated to One Astor Plaza in New York City, while major offices remained at the former Skydance Media site in Santa Monica. CBS operations stayed within Midtown Manhattan at their dedicated Broadcast Center. The formation marked the end of decades of corporate splits and reunions that had defined the entertainment landscape since 1912.

  • Regulatory approval for the merger faced significant hurdles due to Donald Trump's return to the presidency. A lawsuit involving CBS News alleging election interference complicated the FCC review process. Lawyers described the legal challenge as baseless, yet Paramount chose to pay $16 million to settle the dispute in July 2025. This payment ensured the Federal Communications Commission would not block the transaction. The settlement led to the cancellation of The Late Show with Stephen Colbert after he called the payment a bribe. Following the merger, David Ellison appointed Bari Weiss as editor-in-chief of CBS News. Trump publicly praised these decisions regarding the news division leadership changes.

  • David Ellison implemented immediate executive reshuffling upon taking control of the combined company. Andy Gordon joined as Chief Operating Officer and strategy officer on the 4th of August 2025. Jeff Shell served as president until his announcement about selling NAI cinemas on August 7. The company announced layoffs affecting approximately 1,000 employees on the 5th of August 2025. These cuts aimed to slash operating costs by $2 billion. A seven-year deal with TKO Group Holdings brought UFC content to Paramount+ starting in 2026. On September 4, management enforced a strict five-day-a-week return-to-office policy for all staff. Further reductions occurred in October when Dana Jacboson, Michelle Miller, and producer Brian Applegate were among those laid off from CBS Saturday Morning.

  • Paramount Skydance attempted a hostile takeover of Warner Bros. Discovery in late 2025. Early speculation valued the potential deal at over $70 billion before settling near $45 billion. The bid faced scrutiny from Senator Elizabeth Warren and other regulators concerned about market consolidation. Netflix ultimately won the bidding war by offering $72 billion for the streaming and studio assets. Paramount launched a counter-offer of $30 per share worth $108.4 billion in enterprise value. Despite this aggressive pricing, Warner Bros. Discovery shareholders rejected the Paramount proposal on the 17th of December 2025. The board cited insufficient value compared to the Netflix offer. By the 23rd of January 2026, Netflix Co-CEO Greg Peters dismissed the Paramount bid as relying heavily on debt and Larry Ellison's personal guarantee.

  • New distribution agreements reshaped the company's content strategy starting in September 2025. Paramount Pictures inked a deal with Microsoft-owned Activision Blizzard to develop a live-action Call of Duty film. This project represented a dream come true for CEO David Ellison, who identified as a long-time fan of the series. Matt and Ross Duffer signed a four-year agreement for movies and television projects following their departure from Netflix in April 2026. Will Smith and his Westbrook company secured a first-look multi-picture deal including films like Sugar Bandits. Legendary Entertainment entered a three-year worldwide distribution pact excluding China. The company also launched Paramount Sports Entertainment to produce scripted and unscripted programming alongside interactive games. These moves aimed to expand the library beyond traditional linear networks into streaming and gaming sectors.

Common questions

When was Paramount Skydance Corporation officially formed?

David Ellison officially formed Paramount Skydance Corporation on the 7th of August 2025. This new entity emerged from a three-way merger between Paramount Global, National Amusements, and Skydance Media.

What happened to The Late Show with Stephen Colbert after the merger?

The settlement led to the cancellation of The Late Show with Stephen Colbert after he called the payment a bribe. Following the merger, David Ellison appointed Bari Weiss as editor-in-chief of CBS News.

How many employees were laid off by Paramount Skydance in August 2025?

The company announced layoffs affecting approximately 1,000 employees on the 5th of August 2025. These cuts aimed to slash operating costs by $2 billion.

Why did Warner Bros. Discovery shareholders reject the Paramount proposal?

Warner Bros. Discovery shareholders rejected the Paramount proposal on the 17th of December 2025 because they cited insufficient value compared to the Netflix offer. By the 23rd of January 2026, Netflix Co-CEO Greg Peters dismissed the Paramount bid as relying heavily on debt and Larry Ellison's personal guarantee.

Which film project did Paramount Pictures develop with Activision Blizzard?

Paramount Pictures inked a deal with Microsoft-owned Activision Blizzard to develop a live-action Call of Duty film. This project represented a dream come true for CEO David Ellison who identified as a long-time fan of the series.

All sources

177 references cited across the entry

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  2. 5Paramount Skydance Merger Finally ClosesDade Hayes — August 7, 2025
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  8. 19Paramount and Skydance merge, signaling end of a family reign in Hollywood and the rise of new powerWyatte Grantham-Philips — American newspaper and broadcast members — 2024-07-08
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  29. 43NewsSkydance, Paramount Ink New Four-Year DealMia Galuppo — Eldridge Industries — August 7, 2017
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  33. 49Paramount Sees Skydance Merger Closing In First Half As Streaming & 'Sonic' Bright Spots In Mixed Q4Jill Goldsmith — Penske Media Corporation — February 26, 2025
  34. 52MagazineSkydance-Paramount Merger Agreement, Which Is Still Pending FCC Approval, Extended for 90 DaysTodd Spangler — Penske Media Corporation — April 7, 2025
  35. 54Paramount-Skydance: Latest 90-Day Merger Extension Kicks Off TodayJill Goldsmith — Penske Media Corporation — July 7, 2025
  36. 55Paramount-Skydance Merger Clears SEC And EU Amid Ongoing, Fractious FCC ReviewJill Goldsmith — Penske Media Corporation — February 14, 2025
  37. 56MagazineFCC Greenlights Paramount-Skydance MergerAntonio Pequeño IV — Integrated Whale Media Investments — July 24, 2025
  38. 60Skydance Sets New Paramount Leadership Team Ahead of Merger ClosingLucas Manfredi — The Wrap News Inc. — August 4, 2025
  39. 61Skydance-Paramount Post-Merger Hierarchy Made OfficialAnthony D'Alessandro — Penske Media Corporation — August 4, 2025
  40. 62Magazine'South Park' Lands $1.5 Billion Streaming Deal With Paramount+: ReportClayton Davis et al. — Penske Media Corporation — July 21, 2025
  41. 65MagazineDavid Ellison Reports for Mogul Duty: Inside New Paramount CEO's Ambitions and ObstaclesMatt Donnelly — Penske Media Corporation — August 5, 2025
  42. 66New Paramount Ready To Sell National AmusementsJill Goldsmith — Penske Media Corporation — August 7, 2025
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  44. 68NewsParamount, TKO Group reach 7-year deal for all UFC events in U.S.ESPN Internet Ventures — August 11, 2025
  45. 76Duffer Brothers Close 4-Year Film, TV & Streaming Megadeal With Paramount, Set Netflix ExitwAnthony D'Alessandro — Penske Media Corporation — August 19, 2025
  46. 77MagazineDuffer Brothers Officially Move to Paramount With Exclusive Four-Year DealRick Porter — Eldridge Industries — August 19, 2025
  47. 78Magazine'Call of Duty' Coming to Theaters as Paramount, Activision Strike Major Film DealAlex Weprin — Eldridge Industries — September 2, 2025
  48. 79Will Smith and Westbrook Set Multi-Picture Deal at Paramount PicturesJustin Kroll — Penske Media Corporation — September 3, 2025
  49. 80Paramount Sets Three Year Distribution Deal With LegendaryJustinDeadline Hollywood Kroll — Penske Media Corporation — September 4, 2025
  50. 81Paramount Institutes Companywide Return To Office MandateNellie Andreeva — September 4, 2025
  51. 83Paramount Creates New Sports Entertainment Division, Led by Jesse Sisgold (Exclusive)Alex Weprin — Eldridge Industries — September 11, 2025
  52. 84Paramount launches new Sports Entertainment divisionDrew Lerner — September 12, 2025
  53. 87Paramount Adds AI Executive Dennis Cinelli To BoardJill Goldsmith — Penske Media Corporation — September 16, 2025
  54. 89Paramount to tap former Trump official to join legal teamLydia Moynihan — NYP Holdings, Inc. — September 23, 2025
  55. 90MagazineParamount Hires Former DOJ Head Under Trump As Chief Legal OfficerCatlin Huston — Eldridge Industries — September 25, 2025
  56. 91Paramount International Markets President & CEO Pam Kaufman To ExitJesse Whittock — Penske Media Corporation — September 26, 2025
  57. 92NewsParamount Skydance begins layoffs, plans to slash about 2,000 jobsRob Wile et al. — NBCUniversal News Group — October 29, 2025
  58. 93CBS buys The Free Press website and installs founder Bari Weiss as CBS News editor-in-chiefDavid Bauder — American newspaper and broadcast members — October 6, 2025
  59. 94NewsParamount Reports Streaming Growth in First Earnings Since Skydance MergerIsabella Simonetti — Dow Jones & Company — November 10, 2025
  60. 96MagazineTaylor Sheridan's Manifest Destiny Is NBCUniversal, But Paramount Keeps the (Dutton) RanchTony Maglio — Eldridge Industries — October 27, 2025
  61. 97MagazineDid Paramount Blow It By Losing Taylor Sheridan?Steven Zeitchik et al. — Eldridge Industries — October 27, 2025
  62. 98MagazineParamount Never Made Taylor Sheridan an Offer to Stay: How TV's Biggest Partnership Fell ApartJames Hibberd et al. — Eldridge Industries — October 28, 2025
  63. 99MagazineComcast Chief Says It, When NBCUniversal Won't Yet: Taylor Sheridan Is a Huge DealAlex Weprin — Eldridge Industries — October 30, 2025
  64. 100NewsCBS News anchor John Dickerson becomes latest figure to exit networkEric Berger et al. — October 27, 2025
  65. 102CBS guts Saturday Morning staff amid larger Paramount layoffsEmma Keates — Paste Media Group — October 29, 2025
  66. 103MagazineCBS News to Overhaul Saturday Morning Show After Paramount LayoffsBrian Steinberg — Penske Media Corporation — October 29, 2025
  67. 105MagazineParamount TV Layoffs Hit CBS Entertainment, Paramount+, MTV and MoreJoe Otterson et al. — Penske Media Corporation — October 29, 2025
  68. 109News600 Paramount employees quit instead of returning to office full timeDominick Mastrangelo — Nexstar Media Group — November 11, 2025
  69. 110NewsParamount Skydance to sell Chilevision to investor groupThomson Reuters — November 14, 2025
  70. 112NewsLawmakers say Paramount Skydance 'stonewalling' probe into Trump merger approvalDavid Shepardson — Thomson Reuters — November 14, 2025
  71. 114MagazineMTV's Music-Only Channels Are Officially Going DarkJon Blistein — 2025-12-31
  72. 116Paramount Exploring Bid For Warner Bros. DiscoveryJill Goldsmith — Penske Media Corporation — September 11, 2025
  73. 118Warner Bros Discovery Up for Sale? Skydance Makes Bold Move for Hollywood ControlChris Braly — Avatar Press — September 15, 2025
  74. 119Paramount, Warner Brothers Merger Risky With $55 Billion Price GrowingEd Ponsi — The Arena Group — September 17, 2025
  75. 120Warner Bros. Discovery Stock Falls On Doubts Over Friendly Paramount Tie-UpNauman Khan — Yahoo Inc. — September 29, 2025
  76. 122MagazineParamount Skydance could soon add HBO, CNN, and DC Studios to its empireTaylor Hatmaker — Fast Company, Inc. — September 19, 2025
  77. 124FX Chairman John Landgraf Says Paramount-WBD Deal (Or Another Mega Merger) Is "Inevitable"Jake Kanter — Penske Media Corporation — September 18, 2025
  78. 125World TV Production 2022Informa — November 7, 2022
  79. 126Here's Everything in Warner Bros. Discovery's Game-Changing Library: Film, TV and NewsDiane Haithman — The Wrap News Inc. — April 8, 2022
  80. 127MagazineParamount Rounds Out Its Executive Ranks Under David EllisonTony Maglio — Eldridge Industries — August 6, 2025
  81. 129MagazineDiscovery+PCMag Digital Group — May 26, 2023
  82. 131Paramount-WBD Merger: Adding A TikTok Side Benefit?Wayne Friedman — MediaPost Inc. — September 26, 2025
  83. 132CNBC Sport: What to expect as a Paramount bid for WBD loomsAlex Sherman — NBCUniversal News Group — October 2, 2025
  84. 133MagazineWarner Bros. Discovery Rejected Paramount Skydance Acquisition Offer of $20 per Share as Too Low (Report)Todd Spangler — Penske Media Corporation — October 14, 2025
  85. 135Paramount Mulls Next Move After Second Bid For Warner Bros Discovery Is RejectedDade Hayes et al. — Penske Media Corporation — 2025-10-22
  86. 138NewsParamount Said to Discuss Warner Bid With Apollo, LegendaryLucas Shaw — Bloomberg L.P. — October 8, 2025
  87. 147NewsWarner Bros favours Netflix offer over $108bn Paramount bidOsmond Chia et al. — BBC News — December 18, 2025
  88. 160Netflix Declines to Raise Offer for Warner Bros.Netflix — February 26, 2026
  89. 165NewsDisney to buy key 21st Century Fox assets for $52.4 billionMike Snider — December 14, 2017
  90. 166Jeff Shell Out As Paramount PresidentDominic Patten — Penske Media Corporation — April 8, 2026
  91. 167Jeff Shell Exiting as President of ParamountAlex Weprin — Penske Media Corporation — April 8, 2026
  92. 169Paramount Details Separation Agreement With Jeff ShellJill Goldsmith — Penske Media Corporation — April 9, 2026
  93. 176How ViacomCBS Has Sharpened Its Focus on Streaming Via DealsGeorg Szalai — Eldridge Industries — December 29, 2020
  94. 177Skydance Unveils Slate Of Directors For New Paramount SkydanceJill Goldsmith — Penske Media Corporation — August 5, 2025