David Ellison Poised to Command Consolidated Media Empire After Paramount’s Acquisition of Warner Bros. Discovery

Paramount Skydance CEO David Ellison speaks during the Bloomberg Screentime conference in Los Angeles on October 9, 2025.

AFP via Getty Images

In a year‑end commentary, I suggested that Paramount Skydance CEO David Ellison’s bid for Warner Bros. Discovery could position him as the industry’s next towering figure, much like Rupert Murdoch. Even then, the two media moguls displayed striking parallels.

Both are second‑generation media entrepreneurs who have expanded family wealth into massive conglomerates. Murdoch’s breakout came during the rise of cable television, whereas Ellison’s strategic focus is on streaming, artificial intelligence, and industry consolidation.

As the proposed Paramount–WBD merger moves toward finalization, the parallels between Ellison and Murdoch become increasingly evident.

Upon closure, Ellison will oversee far more than a single studio. He will manage a diversified media portfolio encompassing film, television, streaming services, news, sports and gaming—an assemblage of assets reminiscent of Murdoch’s expansive holdings, which few executives have ever commanded.

The scale of David Ellison’s media empire

A single metric illustrates the merger’s magnitude: Paramount Pictures and Warner Bros. Pictures—both heritage studios dating to Hollywood’s golden age—will appear on a unified balance sheet. The combined entity will also integrate New Line Cinema, DC Studios, Paramount Animation, Warner Animation Group and Ellison’s Skydance Media.

In streaming, Ellison will command a robust brand portfolio that includes HBO Max, Paramount+, Pluto TV, Discovery+, BET+ and several niche services spanning premium subscription models to free ad‑supported television.

Ellison remarked in a March CNBC interview, “By combining the iconic libraries of Paramount and Warner Bros., we now possess a catalog of 15,000 films. Merging Paramount+ and HBO Max yields over 200 million gross subscribers, placing us in a powerful position to dominate the content landscape.”

From HBO Max and CNN to CBS News

The merged broadcaster’s television lineup will be equally expansive, comprising CBS and networks such as HBO, TNT, TBS, HGTV, Food Network, Discovery Channel, Cartoon Network, Adult Swim, Comedy Central, MTV, Nickelodeon and BET.

Ellison’s purview will extend to CNN and CBS News, encompassing the troubled 60 Minutes program, as well as CBS Sports and TNT Sports. Paramount will also hold broadcasting rights for the NFL, NCAA March Madness, Big Ten football and basketball, SEC football and basketball, the NHL and PGA Tour events.

The company’s catalog will be vast, featuring iconic characters such as Batman, Superman, Wonder Woman, Harry Potter, The Lord of the Rings and Game of Thrones, alongside franchises like Mission Impossible, Top Gun, Transformers and Star Trek. Television staples will include Friends, The Big Bang Theory, NCIS, Survivor, CSI and South Park.

European regulators have recently acknowledged that Paramount has submitted concessions to mitigate competition concerns. Assuming no unforeseen regulatory obstacles, the merger is slated to close in the third quarter of 2026.

Once the remaining approvals come together, Ellison will find himself running one of the biggest and most culturally influential media companies in the world.

Murdoch spent decades constructing his empire through News Corp. and Fox, spanning newspapers, television, sports and Hollywood. Ellison’s path is markedly different, yet the ultimate objective aligns: acquiring control over a media portfolio that shapes global viewing habits and cultural discourse.

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