Warner Bros. Discovery Upfront Turns Valedictory Under $110 Billion Paramount Skydance Deal
Updated
Updated · Deadline · May 14
Warner Bros. Discovery Upfront Turns Valedictory Under $110 Billion Paramount Skydance Deal
5 articles · Updated · Deadline · May 14
Warner Bros. Discovery’s advertiser upfront in New York took on a farewell tone as executives and staff openly alluded to the pending sale, with one employee joking, “Welcome to the Last Supper.”
The $110 billion Paramount Skydance acquisition is expected to close by Sept. 30, with shareholder approval secured, financing finalized and only a few international regulatory sign-offs still pending.
WBD sales leaders acknowledged the ownership change onstage, framing 2026 as “a year of change” while pitching advertisers on the scale of the company’s portfolio, from HBO and Warner Bros. to roughly two dozen cable networks.
Paramount CFO Dennis Cinelli said separately that the buyer is “building momentum toward close,” arguing the merger differs from past media tie-ups because David Ellison-led ownership is operator-driven and aligned by equity incentives.
The looming handover would place Turner networks, HBO and Warner Bros. under a fourth corporate parent in eight years, while CEO David Zaslav stands to receive up to $886 million when the deal closes.
With $79 billion in debt, can Hollywood's newest titan actually afford its blockbuster production promises?
As two major studios become one, will it spark a creative renaissance or crush independent filmmaking?
Paramount Skydance and Warner Bros. Discovery Mega-Merger: $80 Billion Deal Reshapes Hollywood’s Big Four
Overview
As of May 16, 2026, the Paramount Skydance and Warner Bros. Discovery merger is actively progressing, with significant strategic planning underway. The deal aims to bring all of Warner Bros. Discovery’s titles and channels under Paramount Skydance’s control. While both companies must still operate separately, top executives have already started integration planning. Paramount Skydance plans to merge HBO Max and Paramount+ into one streaming platform, but will keep the Paramount Skydance and Warner Bros. movie studios as distinct entities. There are also internal discussions about possibly combining CBS News with CNN, though this would be complex and take time.