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It’s been a hell of a ride. David Ellison’s quest to control two iconic Hollywood studios has finally been completed — added a rollicking new chapter to the storied recent history of Hollywood megamergers.
On the morning
of Tuesday, Oct. 6, the Paramount-Warner Bros. Discovery merger officially closed. The new company, Skydance Corp., brings together film and TV assets into one big company, which is weighed down by some $80 billion in debt. The storyline’s arc features appearances by such colorful subjects as President Donald Trump, 12 blue-state attorneys general, Netflix, Middle Eastern sovereign wealth funds, the Block the Merger coalition, Mark Ruffalo, David Zaslav and so much more. Here’s a timeline of how it all happened.
2025
Aug. 7, 2025: Skydance Media completes its $8 billion acquisition of Paramount Global after a tumultuous yearlong closing process.
September 2025: First rumblings surface of David Ellison’s overtures to David Zaslav and the Warner Bros. Discovery board of directors
Oct. 21, 2025: Warner Bros. Discovery formally initiates sale process “in light of unsolicited interest” the company has received from “multiple parties.”
November 2025: Netflix, Comcast and Skydance Media submit offers for all or portions of Warner Bros. Discovery.
Dec. 5, 2025: Netflix wins the auction process as Warner Bros. Discovery announces it has set an $82.7 billion cash and stock acquisition agreement to sell Warner Bros. and HBO (but not CNN, TNT and other cable channels) to the streaming giant.
Dec. 8, 2025: Paramount Skydance ups the ante, launching a tender offer for Warner Bros. Discovery shares and a campaign to convince WBD shareholders to back its bid. “Our proposal is superior to Netflix’s in every dimension,” David Ellison tells Wall Street analysts on a conference call.
Dec. 17, 2025: Warner Bros. Discovery board unanimously recommends shareholders reject Paramount’s tender offer.
Dec. 22, 2025: Warner Bros. Discovery receives amended tender offer from Paramount
2026
Jan. 7: WBD board unanimously recommends shareholders reject latest Paramount tender offer.
Jan. 20: Netflix agrees to revise its deal to acquire Warner Bros. and HBO to all cash, in a bid to counter the pressure from Paramount’s repeated offers.
Feb. 10: Paramount adds a “ticking fee” to its offer that promises to pay WBD shareholders $650 million per quarter that the transaction is not closed after Dec. 31, 2026.
Feb. 17: WBD sets March 20 for special meeting of shareholders to vote on Netflix transaction. At the same time, WBD opens a 10-day negotiating window with Paramount to address the latest offer.
Feb. 24: WBD confirms receipt of a new offer from Paramount Skydance. Later that day WBD issues a statement acknowledging that it could “reasonably be expected to lead to a ‘Company Superior Proposal’” as spelled out in its Netflix sale agreement.
Feb. 26: Netflix formally bows out of the WBD chase, declining to match the higher Paramount offer. “The deal is no longer financially attractive,” Netflix told investors. Rob Bonta, California’s Attorney General, gives the first indication of the antitrust suit to come by promising to begin a “vigorous review” of the transaction.
Feb. 27: Paramount formally seals its $110 billion all-cash agreement to acquire all of Warner Bros. Discovery. The final terms amend the ticking fee to kick in as of Oct. 1.
April 13: A group of 1,000 industry creatives sign the open letter calling on officials to “Block the Merger,” including Ben Stiller, Kristen Stewart, Joaquin Phoenix, Adam McKay, Alan Cumming, Alyssa Milano, Boots Riley, Bryan Cranston, Cynthia Nixon, Damon Lindelof, David Fincher and Denis Villeneuve. Ten days later it had 4,000 signatures.
April 16: AMC Theatres CEO Adam Aron endorses the Paramount-Warner Bros. merger on the cusp of the CinemaCon gathering in Las Vegas.
April 23: WBD shareholders vote to approve the sale to Paramount.
April 27: Paramount discloses in a regulatory filing that about 38.5% of the equity in the new company will be held by the sovereign wealth funds of Saudi Arabia, Qatar and Abu Dhabi.
June 12: The Justice Department closes its investigation into the merger, without imposing any conditions or divestitures.
July 13: Twelve state attorneys general — including California’s Rob Bonta and New York’s Leticia James — file suit to block the Paramount-WBD transaction on antitrust grounds.
July 14: The Writers Guild of America sues to block the merger on antitrust grounds.
July 20: A federal judge puts a 14-day hold on the merger as the states seek a temporary injunction.
July 22: European Commission approves the transaction.
July 27: SAG-AFTRA issues a statement against the merger, calling for it to be blocked unless “enforceable safeguards” are implemented.
July 29: Regal Cinemas CEO Eduardo Acuna announces its support of merger
July 31: Paramount asks for a November start date for the states’ antitrust trial. The states and the WGA seek an April 2027 start date.
Aug. 4: Judge sets March 2, 2027, as the start date for states’ antitrust trial.
Aug. 5: David Ellison tells senior Paramount execs that he will move the company out of California as of Oct. 1 if the state AGs don’t drop their antitrust lawsuit aimed at blocking the merger.
Aug. 6: Paramount secures approval from U.K. Competition and Markets Authority.
Aug. 12: The Directors Guild of America and IATSE sent a letter to California attorney general Rob Bonta and David Ellison calling on them to reach a settlement or jointly push for a faster timeline for the trial, for the sake of both studios. The letter outlines 10 conditions that could help alleviate antitrust concerns.
Aug. 14: Mexico clears the transaction.
Aug. 17: Paramount asks the court to order the states to put up a $1.88 billion bond to cover the costs of the ticking fee it will owe Warner Bros. Discovery shareholders if Paramount prevails in the lawsuit.
Aug. 18: Cinemark exhibition chain announces its support for the merger.
Aug. 20: Los Angeles Mayor Karen Bass urges Rob Bonta to settle with Paramount.
Aug. 21: David Ellison holds private meeting with state AGs to agree on date for settlement talks.
Aug. 23: Rob Bonta cancels planned Aug. 24 meeting for settlement talks after word of the meeting leaks to media outlets.
Sept. 11: Paramount argues in a motion that the states’ case is “a series of attempted shortcuts and assumptions that collapse under scrutiny.”
Sept. 12: Los Angeles Economic Development Corporation reports that the loss of Paramount from California would cost the state $1 billion-$2 billion in economic output over four years.
Sept. 15: Justice Department sides with Paramount on the fight over the $1.88 billion bond.
Sept. 17: FCC approves up to 49.5% foreign ownership in Paramount Skydance deal in connection with CBS O&O stations.
Sept. 19: Actor Mark Ruffalo warns Rob Bonta “Don’t You Dare Settle” the states’ case via social media.
Sept. 21: Paramount announces settlement with 12 state attorneys general that includes numerous stipulations but no structural remedies.
Sept. 24: David Ellison attend President Donald Trump’s state dinner for Chinese President Xi Jinping; Judge Araceli Martínez-Olguín questions the sides on the settlement
Sept. 25: Paramount Skydance says it will move its Class B common stock shares from the Nasdaq index to the New York Stock Exchange as of Oct. 5-6.
Sept. 30: Paramount sets Oct. 6 as closing date for the transaction after a federal judge approves the states’ antitrust settlement agreement. David Ellison surprises Hollywood by recruiting Mattel leader Ynon Kreiz to become co-CEO of the enlarged company.
Oct. 2: David Ellison announces the new name of the company: Skydance Corp., a nod to the name of the film production firm he founded in 2006.
Oct. 5: Ellison unveils the new leadership team for Skydance, which he will lead alongside Kreiz. The film business will be headed by Dana Goldberg and Josh Greenstein, previously co-chairs of Paramount Pictures, and James Gunn and Peter Safran will continue as co-heads of DC Studios. George Cheeks, previously chair of TV media at Paramount Skydance, is co-chair and chief content officer of Skydance TV. Casey Bloys, who has headed up HBO and HBO Max, will become co-chair and chief content officer, Skydance DTC streaming. Warner Bros. Discovery exec JB Perrette is co-chair and chief business officer of both Skydance TV and Skydance DTC. Mark Thompson will continue to run CNN as CEO.
Oct. 6: The merger officially closes, creating Skydance Corp. WBD shares cease trading on Nasdaq, and the new company’s shares begin trading on the New York Stock Exchange under the symbol “SKYD.”
