Paramount Skydance has officially completed its $111 billion merger with Warner Bros. Discovery, following the rejection of a last-minute injunction attempt by Supreme Court Justice Elena Kagan.
The combined entity will operate under the Skydance name, adopted from a firm that Paramount acquired in a separate transaction last year. The merged company brings together two of the entertainment industry’s largest studios, alongside streaming platforms Paramount+ and HBO Max, broadcast networks CBS and CNN, and a robust portfolio of live sports properties including CBS Sports and TNT Sports, as well as an extensive library of programming and franchise brands, according to Skydance’s official announcement.
The merger faced delays after California and 11 other states filed an antitrust lawsuit challenging the deal. In July, U.S. District Judge Araceli Martínez-Olguín of the Northern District of California ruled that the combination would likely substantially reduce competition in violation of antitrust laws.
California settled the lawsuit last month, with the remaining plaintiff states agreeing to the compromise. A group of free speech and media advocacy organizations had urged the judge to reject the settlement, arguing it would provide negligible relief to residents of the states that originally sued.
Martínez-Olguín approved the settlement on September 30, characterizing it as a reasonable factual and legal resolution. She noted that a typical settlement does not fully remedy an alleged violation or resolve all underlying issues, but reflects a compromise that avoids the risks, time, and expense of a full trial. The settlement requires minimum investment thresholds for domestic film distribution and mandates continued separate negotiations for the basic cable channel holdings of both entities. The judge concluded that broader expectations for the consent decree did not constitute legal grounds to reject the negotiated resolution.
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