Showing posts with label Skydance Media. Show all posts
Showing posts with label Skydance Media. Show all posts

Tuesday, November 10, 2026

Skydance Reports Third Quarter 2026 Financial Results for Paramount Skydance

LOS ANGELES and NEW YORK, Nov. 9, 2026 -- Skydance Corporation (NYSE: SKYD) today announced financial results for the third quarter ending September 30, 2026, for Paramount Skydance, prior to the completion of its acquisition of Warner Bros. Discovery on October 6, 2026.

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Skydance

Please visit the Skydance Investor Relations website to view a letter to shareholders.

An audio replay of Skydance's 3Q26 conference call with investors will be available on November 9 in the Events & Webcasts section of Skydance's Investor Relations website.

The earnings release and any other information related to the call will be accessible on Skydance's Investor Relations website as well.

To automatically receive Skydance's latest financial news by email, please visit the ir.skydance.com and subscribe to email alerts.

About Skydance

Skydance is a next-generation global media and entertainment company, composed of three business segments: Skydance Studios, Skydance Direct-to-Consumer, and Skydance TV. Skydance's portfolio unites legendary brands, including Paramount, Warner Bros., HBO and HBO Max, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central.

SHAREHOLDER LETTER
Q3 2026

November 9, 2026

Highlights

• Paramount Skydance Q31 (excludes WBD)

◦ Paramount Skydance Q3 net earnings was $73 million and adj. EBITDA was $1.0 billion, a 14% margin on revenue of $7.0 billion, which grew 5% year-over-year. Paramount remains on track for the high end of its 2026 profitability outlook at $3.9 billion.

◦ Paramount+ revenue grew 21%, its fastest quarterly growth this year, with ARPU up approximately 14%. Studios revenue grew 23% and TV Media achieved a 34% adj. EBITDA margin.

• Skydance (combined company)

◦ Completed the acquisition of Warner Bros. Discovery on October 6, 2026.

◦ Targeting at least $6 billion of annualized run-rate synergies within three years, with progress underway across more than 20 workstreams.

◦ Executing our operational plan to reduce net leverage ratio to 3.0x by the end of 2029 and reach investment-grade credit metrics.
 
◦ Planning to launch a bundled offering of HBO Max and Paramount+ in early 2027.

◦ Skydance produced 7 of the top 10 most watched series across linear and streaming2 and the top 4 original titles on streaming.3 Across Paramount and Warner Bros. platforms, Skydance is the second largest media distributor by share of total U.S. TV time, per Nielsen’s The Gauge.4

◦ DTC Q3 pro forma revenue grew 15%.5

◦ In Q4, we expect continued strong DTC revenue growth, Skydance TV trends to remain consistent with recent quarters, and the improved Paramount film slate results to be more than offset by underperformance of the Warner Bros. film slate.

1See Supplemental Disclosures Regarding Non-GAAP Financial Measures.

2Source: Skydance rankings based on Nielsen data. Includes Paramount, HBO and Warner Bros. productions; based on P2+ average audience during first 35 days of playback

3Source: Skydance rankings based on Nielsen Streaming Content Ratings data. Includes Paramount, HBO and Warner Bros. productions; based on P2+ audience viewing hours

4As of the latest published The Gauge report for August 2026.

5DTC revenue for the combined company is calculated on a pro forma basis assuming the WBD Merger occurred on January 1, 2025.

Fellow shareholders,

It has been just over a month since we launched the combined company, Skydance, and the energy across our organization is unmistakable. We came together with a clear mission to build the next generation media and entertainment company powered by creativity and technology. Our teams are bringing discipline and urgency and early progress is already evident.

This is a demanding time for our industry, and we are starting from a strong point as the second largest media distributor by share of total U.S. TV time after YouTube, per Nielsen. But audiences have more choices than ever, technology is reshaping how stories are made and experienced, and the competition for attention is relentless. Legacy business models are being disrupted, and we see that as an opportunity. We are creative-first, audience-focused, tech forward, and globally scaled. We believe we have the right assets, the right capabilities and the right strategy to win by executing on our three strategic goals:

• Establish Skydance as the premier global content engine and the home for the world’s leading storytellers.

• Accelerate our integrated direct-to-consumer platform with the best content, leading-edge technology, and a superior fan experience.

• Optimize our highly profitable TV portfolio, anchored by CBS in the U.S., to reach audiences globally across every entertainment vertical.

To achieve all of this, we will:

• Win in storytelling by leveraging our creative capabilities, talent relationships, production prowess and expansive library of iconic IP.

• Build the most technologically capable media company with a unified technology platform spanning streaming, live and linear that improves the user experience and drives efficiencies.

• Lead in a crowded market by using our scale, assets and global reach to drive transformation and growth.

• Earn trust every day by communicating directly and transparently, backing up our words with action, and following through on our commitments to the people we serve and work alongside.

The work ahead is significant, and so is the opportunity. And we’ve already begun to act: new 
leadership teams are in place, integration work is underway, and we are executing on our plan to realize at least $6 billion in run-rate synergies within three years.

We expect to reach our medium-term financial outlook of mid-single-digit annualized revenue growth, mid-20% adjusted EBITDA margins, and more than $10 billion in free cash flow by 2030, while transitioning a meaningful majority of revenue and profit from TV to our streaming and studios businesses.

We are building this great company with ambition, discipline, and an unwavering belief in the power of great storytelling combined with world-class technology, and we are doing it together, with deep respect for the talent and dedication of our people.

To leverage our assets and capitalize on our strengths, we are organized into three segments: Skydance Studios, Skydance Direct-to-Consumer, and Skydance TV.

Skydance Studios

Skydance Studios include our motion picture and television production businesses. Our motion picture group brings together two of the most iconic studios in Hollywood’s history, Warner Bros. Pictures and Paramount Pictures, as well as the highly acclaimed New Line Cinema, DC Studios and Skydance Animation. Our television group includes well-established industry leaders Warner Bros. Television Group, CBS Studios, Paramount Television Studios and Skydance Sports Entertainment. In addition, Skydance owns a deep library of more than 15,000 films and hundreds of thousands of series hours, which we distribute on our own platforms and license to third parties.

Our goal is to establish Skydance as the premier global content engine and the home for the world’s leading storytellers. Our strategy is anchored by the strength of our franchises and quality of the content made by our world class studios, and we expect that demand for premium content and global franchises will continue to increase. Collectively, our studios have created approximately forty franchises that have generated at least $1 billion in revenue across platforms over the past 15 years and continue to resonate with audiences today. We are now one of the largest producers and suppliers of original live-action TV content to both our platforms and third-parties in the world.

Paramount Pictures continues to perform well and is expected to double its output in 2026 with 15 releases. In the third quarter, PAW Patrol: The Dino Movie grossed more than $160 million worldwide and drove revenue across multiple lines of business, including consumer products. David Ayer’s original film Heart of the Beast, starring Brad Pitt, has grossed more than $180 million globally.

In the final two months of the year, we have six film releases across Paramount Pictures and Warner Bros. Pictures, starting with The Cat in the Hat, which opened last Friday. Ebenezer, starring Johnny Depp, arrives in theaters this Friday, followed by Focker-in-Law on November 25, with Paramount Pictures distributing internationally. On December 18, audiences return to Arrakis for Dune: Part Three. The Angry Birds Movie 3 premieres December 23, followed on Christmas Day by Mr. Irrelevant, starring David Corenswet and Isabel May, which is the first theatrical release under Skydance Sports’ partnership with the NFL.

We expect the Warner Bros. film slate in Q4 to underperform. As we integrate the businesses, we are applying the playbook we ran at Paramount: testing earlier, tailoring our marketing and release strategy to the size of each opportunity, enhanced with real-time market data, and strengthening the slate we greenlight. That approach served us well at Paramount where our 2026 slate is expected to generate more than $500 million more in lifetime profit than last year’s.

2027 is shaping up well for our motion pictures group, with a lineup that runs from beloved 
franchises to fresh stories. At Paramount, we start the year with Children of Blood and Bone in 
January and K-Pop: The Debut in February, followed by Sonic the Hedgehog 4 in March, starring Jim Carrey, Keanu Reeves and others, and A Quiet Place Part III in July. At Warner Bros., we are building on our biggest franchises, with Godzilla x Kong: Supernova arriving in March, and Man of Tomorrow and A Minecraft Movie Squared in July. And we have even more amazing stories coming with the Ocean’s Eleven prequel starring Bradley Cooper and Margot Robbie premiering in June, and a return to Middle-earth with The Lord of the Rings: The Hunt for Gollum in December.

To leverage our scale and at the same time continue to strengthen quality and talent relationships, our motion picture group is now integrated under one leadership team, while each studio has its own dedicated creative teams.

Our Television Studios achieved another strong quarter, with hits across broadcast, streaming and cable, for our own platforms and for third-party partners. In Q3, 11 of the top 20 streaming programs were owned and produced by our studios. CBS Studios continues to drive CBS' network leadership, most recently highlighted by the successful debut of NCIS: New York, the latest addition to television's #1 franchise. The series debuted in October as the season’s #1 new broadcast series, drawing more than 10 million viewers, up 58% from last year’s time-period premiere (NCIS: Origins). This adds to the success of the NCIS franchise which after 24 years on air is still a top 5 show on streaming and broadcast and has generated $10 billion of lifetime revenues across platforms. Paramount Television Studios built on its momentum with three of the top four streaming original series in September: 
Reacher, Neagley and Lioness.

The ambition of our Studios business is to create and tell great stories for audiences wherever they watch: in theaters, on broadcast and cable, and on streaming, across our distribution platforms and third-party partners. With the creative talent, production scale and global franchises, we are on track to release over 30 theatrical films and produce more than 180 television and streaming series in 2027.

Skydance Direct-to-Consumer

The Direct-to-Consumer segment encompasses Paramount+, HBO, HBO Max, Discovery+, and Pluto TV, representing a globally scaled DTC business available in over 130 markets. Paramount+, HBO, and HBO Max combined reach 203 million aggregate subscribers worldwide6, and Pluto TV has approximately 75 million monthly active users. We provide consumers with choice across our premium and standard ad-free, ad-lite, and free ad supported product offerings.

Our streaming products are powered by an unparalleled portfolio of leading brands and franchises, such as Star Trek, Yellowstone, Top Gun: Maverick, Mission: Impossible, Harry Potter, Game of Thrones, SpongeBob SquarePants, The Pitt, The Big Bang Theory, Superman, Batman, and Teenage Mutant Ninja Turtles, along with sports and news in a number of markets around the world.

We see a meaningful opportunity to grow reach and engagement, improve retention, and increase the revenue and profitability of our streaming services in line with or ahead of the leading competitors in the industry. Our first step toward bringing together Paramount+ and HBO Max is to offer them in a single bundle. Starting in early 2027, consumers will be able to subscribe to both world-class streaming services at an even greater value. We look forward to sharing more details on the bundle and our streaming roadmap in the coming months.

6Amount is based on each company's historical subscriber definition and for WBD is applicable only to HBO and HBO Max, and accordingly does not include Discovery+ or other WBD streaming services that may have previously been included in subscriber counts. See WBD’s 2025 Annual Report on Form 10-K for its historical definition and our Quarterly Report on Form 10-Q for the third quarter of 2026 for the Paramount+ definition. Such amount does not account for subscriber overlap.

As we work toward a fully unified offering, we will phase in changes based on consumer feedback so we can continue to drive healthy financial growth through the transition. During Q3, Paramount+ revenue was up 21% – with engagement up over 20% year-over-year – and pro forma DTC revenue growth including WBD was 15% year-over-year. We expect to achieve strong top-line growth in our streaming business in Q4 2026 and in 2027, as well as expand margins over that same period as we harness the reach of our global platform and verticalized studio system. Accelerating our integrated direct-to-consumer business is a key priority and important growth engine, and with Paramount+ and HBO Max together, we have the global scale to compete and win.

With the unmatched production capabilities of Paramount and Warner Bros., we expect to provide a powerful combination of breadth and depth of content each year. And with at least 30 theatrical releases annually, a new movie will arrive across our bundled services every two weeks, on average.

Great storytelling is the foundation of everything we do, and viewers are responding. Lioness 
viewership grew 62% in its third season, and MobLand’s second installment became the biggest original series ever for Paramount+ in the UK and Ireland. DC’s Lanterns and House of the Dragon Season 3 rank among HBO Max’s strongest launches and returning seasons ever, averaging 22 million and 42 million global viewers, respectively. We are excited for our upcoming slate, which we expect will carry momentum through year end, highlighted by the premiere of the HBO Original Series Harry Potter and the Philosopher’s Stone on Christmas Day.

Alongside that investment in programming, we are enhancing how audiences discover and enjoy our content. We’ve largely completed phase one of the tech convergence, moving Pluto TV onto the unified Paramount+ platform across all major devices. It is the largest technology investment in Pluto TV’s history, and it is already improving the user experience with better personalization and on-demand offerings that serve both consumers and advertisers. Running the services on a unified backend system lowers our cost to operate, speeds up product development, and gives us shared personalization and monetization capabilities across our free and subscription offerings.

At the same time, we are expanding Pluto TV’s free line-up of iconic series, with more than 25 generation-defining series as of the end of Q3, contributing more than a quarter of all VOD viewing on the platform. Last week we also added 14 channels from the Warner Bros. library. Great content brings viewers to Pluto TV and keeps them watching, and with shared monetization capabilities across our services, a larger, more engaged audience becomes a stronger business.

The integration of Pluto TV with Paramount+ took about 18 months. Drawing on that experience, our combined technology team, and the latest in AI tools, we expect to bring Paramount+ and HBO Max together much faster, aiming to align our backend systems within a year of closing, enabling us to quickly deliver a unified product.

We will manage the DTC business for long-term profitable growth, with an emphasis on the value of each customer relationship. We expect to grow our subscriber base with healthy economics and measure performance by financial results. To that end, beginning with Q4’26 results and in line with other leading DTC players in the industry, we will no longer provide quarterly subscriber disclosures. We will instead highlight key milestones and KPIs, such as engagement, along the way.

Skydance TV

Skydance TV brings together broadcast and cable networks, underpinned by a leading portfolio of live news and sports programming, serving audiences in 200+ countries and territories. Our offering spans CBS and more than 50 cable networks, among them MTV, Comedy Central, Nickelodeon and BET, and WBD’s CNN, TNT, TBS, HGTV, Food Network and Discovery. TNT, TBS, TLC, Food Network and CNN were five of the top 10 ad-supported cable networks among adults 25-54 last year. We distribute marquee sports, including the NFL and, via Eurosport, the Olympics in Europe, and we provide trusted news through CBS News and CNN. Skydance TV is a highly profitable, cash-generative business, anchored by the enduring strength of CBS, the crown jewel of U.S. broadcast television.

Our goal is to manage the combined portfolio to optimize long-term profitability and cash flow as the industry shifts toward streaming. To achieve that, we have established a unified leadership structure across TV and DTC to ensure we fully align distribution, advertising sales, and content sales as part of a holistic strategy. This will allow us to follow one globalized commercial approach to maximize the full potential of our scale across TV and DTC.

CBS is having another strong year and currently leads the new fall season with the #1 show on television, all five of the top series and seven of the top 10, and 11 shows are up year over year. Excluding sports, CBS is the #1 broadcast network in primetime and up 18% year-over year among total viewers. Live sports add to that strength: the NFL on CBS is posting its highest viewership through Week 8 on record, averaging 19.6 million viewers, up 5% from last year’s record-setting pace. It has also brought us the season’s most-watched game on any network and the most-watched international NFL game ever.

Our scale in sports is also a competitive advantage. With CBS Sports and TNT Sports under one roof, we have a premium sports offering that includes NFL, NHL, UFC, MLB, NASCAR, March Madness, as well as the Olympics in Europe and the Champions League in key markets. Advertisers can purchase media across the sports portfolio through a single partner spanning broadcast, cable, and streaming. Sports advertising commitments have risen over 20% year over-year for current and upcoming sports seasons leading into 2027.

U.S. pay TV subscriber declines moderated sequentially in the third quarter as genre-based packages gained traction with the start of the NFL season. Our sports and news networks, including CBS, drive a majority of the U.S. Skydance TV revenues and EBITDA, giving us a durable, live-driven foundation. We believe more consumer choice supports the long-term health of the pay TV ecosystem, and we will continue partnering with distributors to optimize the experience across linear and streaming.

With the CBS Television Network, premier live sports and some of the most beloved cable brands in the world, Skydance TV is well positioned to give viewers more of what they love across broadcast, cable and streaming, and to create lasting value for our shareholders.

Transformation Program

We expect to achieve at least $6 billion in run-rate synergies, net of reinvestment across our cost structure within three years. More than 20 workstreams are already underway, as we evaluate and rightsize every aspect of our organization and cost structure. But this is more than cutting costs: it is a tech-forward transformation that will make us more efficient and agile, create flexibility to reinvest for long-term growth, and establish a healthy margin profile and free cash flow trajectory.

By combining two global streaming services, two film and TV studio groups, two television portfolios, and overlapping corporate functions, we can reduce duplicative spend across an expense base of more than $50 billion. We have identified multi-billion dollar opportunities in key areas, including non-labor and labor spend where we expect to deliver across these areas:

• Corporate overhead, real estate & facilities (2026 ~$8 billion): At least $2.2 billion of cost reduction, by consolidating redundant back-office and corporate functions, reducing management layers, using shared services, implementing a single ERP, scaling AI workflows, and shifting to lower-cost support functions. In addition, we are rationalizing our office footprint (while keeping our production lots).

• Marketing (2026 ~$5 billion): At least $1.0 billion in savings by streamlining and optimizing our enterprise-wide spend, as well as strategic utilization of our expanded global portfolio to promote our key projects and initiatives. This includes unifying media planning and buying across business units to eliminate audience overlap, coordinate cross-BU campaigns, and maximize media efficiency at scale.

• Technology (2026 ~$4 billion): At least $1.4 billion reduction to our annual spend by unifying our enterprise tech stack, streaming ecosystem, and broadcast architecture, merging parallel technology functions, leveraging AI coding tools, and integrating platforms and systems.

• Procurement and vendor management (2026 ~$9 billion): At least $1.4 billion in savings by optimizing third-party spend across vendors spanning hundreds of services. Our combined purchasing levels will give us economies of scale by consolidating purchasing decisions into one centralized group.

We also see opportunity in content, which is both an expense for us but also an investment in building valuable, long-term assets for the company. We start from an industry-leading base of more than $30 billion in annual content spend and a deep library built over a combined 200-plus years of storytelling, and we will keep investing in the content engine that drives our growth. With the reach of our combined platforms across streaming, broadcast and cable, each title can work harder for us, and as one company we can make smarter choices about how we distribute and monetize our slate.

We are confident in achieving these savings, drawing on our playbook from Paramount. That program is on track to achieve over $2.7 billion in run-rate efficiencies by the end of 2026. We’ve raised its target to more than $3 billion, over 50% above our initial 2024 goal, as we identified additional broad-based opportunities across the business. Year-to-date, we’ve realized over $1 billion in run-rate efficiencies, and we expect to realize the remainder in 2027, which is incremental to our Skydance program.

It is early, but we have strong confidence in achieving at least $6 billion in run-rate synergies within three years for Skydance, with 30% realized in year one and 70% through year two. We’ll share milestones as we go and measure success by our ability to operate more efficiently and grow margins.

Q3 Results and Outlook

Our Q3 financial highlights below are for Paramount Skydance and exclude WBD, as the acquisition closed after the end of Q3. Starting in Q4, we will be reporting Skydance results on a consolidated basis. Forward looking commentary below reflects our current expectations for Skydance, the combined company.

A summary and discussion of Paramount Skydance’s Q3 results are below7.

7 We present periods before ("predecessor") and after ("successor") the close of the Skydance Transactions (see Financial Statement Presentation). We discuss revenue for Q3 2025 on a pro forma basis, reflecting the combination of the predecessor and successor periods and the inclusion of Skydance Media revenues during the predecessor period. In addition, because our current GAAP segment structure was not in effect during the predecessor period, the 2025 predecessor revenues by segment shown in this letter constitute a non-GAAP presentation. See Supplemental Disclosures Regarding Non-GAAP Financial Measures for reconciliations to the historical GAAP segment presentation and pro forma revenues for Q3 2025.

Paramount Skydance Q3’26

In Q3, total revenue of $7.0 billion increased 5% versus revenue of $6.7 billion in Q3'25 for Paramount Skydance, led by growth in Studios and DTC revenues, partially offset by a decline in TV Media. Operating income was $368 million (5.2% margin) including $187 million of restructuring and transaction-related costs. Adjusted EBITDA was $1.0 billion, a 14.2% margin, with profitability stable year-over-year.

Direct-to-Consumer

• DTC revenue growth improved to 11% year-over-year to $2.5 billion, led by accelerating Paramount+ revenue growth of 21% year-over-year, reflecting subscriber growth of approximately 6% and ARPU growth of approximately 14% as our monetization improved in the quarter driven by previous price adjustments and accelerating advertising growth. As previously noted, we completed our integration of 
BET+ into Paramount+ in Q2 and realized a full quarter of impact in Q3, which along with Showtime declines, amounted to a six-percentage-point headwind to total DTC growth in the quarter.

• DTC adj. EBITDA was $225 million (9.0% margin), as we recognized higher costs from planned investment in our programming schedule in the quarter, including the UFC and ongoing investment in Originals.

Studios

• Studios revenue increased 23% year-over-year to $1.5 billion, reflecting a strong quarter for secondary market licensing and content produced for third parties.

• Studios adj. EBITDA was $129 million (8.6% margin), reflecting the increase in licensing revenues.

TV Media

• TV Media revenue declined 7% year-over-year to $3.0 billion. Advertising revenue was down 8% year-over-year, including an approximate three-percentage-point headwind from the absence of Telefe and Chilevisión, which were sold in October 2025 and January 2026, respectively, offset by higher political advertising revenues. Affiliate revenue decreased 5% year-over-year, consistent with continued pay TV subscriber erosion while rates remain resilient.

• TV Media adj. EBITDA was $1 billion, a 34.0% margin, benefiting from cost savings initiatives.

Skydance Outlook

We will provide our full-year outlook for 2027 during our Q4 2026 earnings when we will share our full year financial results.

Going forward, we will provide guidance on an annual basis, as we prioritize long-term value creation, which we believe will be more consistent with our strategic approach. We will continue to provide quarterly updates, including certain forward-looking commentary where applicable, which will give investors visibility into our near-term progress of the business.

Based on year-to-date results, Paramount Skydance as a standalone would remain on track for our prior 2026 guidance, including achieving the high end of our prior profitability range at $3.9 billion.

In Q4, we expect to see continued strong growth in DTC revenue, and consistent TV revenue trends to prior quarters, adjusting for seasonality around politics and sports. And while we are incredibly excited about the shape of the combined Studio business and our Paramount theatrical slate continues to perform, the near-term performance of the Warner Bros. film slate in Q4, including films already released quarter-to-date, has underperformed. Based on our current forecasts for the rest of the year for Studios, we expect slower revenue growth and a profit impact of up to $200 million vs. prior expectations for Q4.

Looking ahead to 2027, we expect continued strong growth in DTC revenue, higher Studios revenue, and an increase in pro forma total company adj. EBITDA year-over-year based on underlying growth and the ramp of our $6 billion-plus synergies program. 2027 is the first step in working towards achieving our medium-term financial goals.

Capital Structure & Capital Allocation

Paramount Skydance ended the quarter with $1.4 billion in cash and cash equivalents and $15.0 billion in gross debt, prior to the acquisition. Free cash flow was $31 million, inclusive of $174 million of restructuring, transaction-related, and transformation costs. On October 6, we completed the Warner Bros. Discovery acquisition funded with $47 billion of new equity and $57 billion of new secured debt. Gross debt following closing and related debt activity was $87 billion, with cash of approximately $10 billion, part of which is earmarked for payment of cash-converted equity to WBD employees who joined the company and also to pay down WBD’s securitization program.

We are restructuring our cost base so we can invest for growth while achieving at least $6 billion of run-rate synergies within three years and strengthening our balance sheet. Growing our business and paying down debt are our top priorities, and we strongly believe we can achieve both simultaneously. We expect to reduce net leverage to 3.0x by the end of 2029, reaching investment-grade credit metrics within approximately three years of closing. To get there, we expect to ramp our annual free cash flow to more than $10 billion in 2030. One time cash costs to achieve the synergies are expected to be roughly $1.5 to $2 billion in 2027 and roughly $4 billion throughout our transformation, 60% to 70% of which will impact 2027 and 2028, and have been contemplated in our financial and leverage outlook.
Until we reach our leverage target, we will use excess cash, beyond our reinvestment into the business and our current dividend, to repay debt.

Closing

We came together to build something bigger, bolder and better, with the stories, the technology and the scale to win. We’ll move quickly over the coming months and share more with investors, partners and consumers at an Investor Day in the first half of 2027. There is still a lot to work through, but our vision is clear, and we are steadfast in our operational goals and financial commitments. We are confident in our plan, excited for what’s ahead and just getting started.

Sincerely,

David Ellison
Chairman & CEO
Skydance

Ynon Kreiz
Co-CEO
Skydance

--Ends--

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Tuesday, October 13, 2026

Bill Murray Tees Off In Official Trailer and Key Art for Paramount+'s 'A Course Called Ireland'

BILL MURRAY TEES OFF IN OFFICIAL TRAILER AND KEY ART FOR PARAMOUNT+'S A COURSE CALLED IRELAND

The Documentary Series is Produced by
Skydance Sports and Stellify Media

A Course Called Ireland
Paramount+

October 8, 2026 – Today, Paramount+ unveiled the trailer and key art for A Course Called Ireland, the six-part documentary series featuring Bill Murray and author Tom Coyne playing their way across some of Ireland’s most legendary golf courses. A Course Called Ireland, produced by Skydance Sports and Stellify Media, will premiere Sunday, October 25 on Paramount+.

Chris O’Dowd | A Course Called Ireland
Paramount+

Each thirty-minute episode follows Murray and friends across some of the island’s most breathtaking fairways. Joined by the extended Murray family, including Joel and John Murray, celebrity friends Chris O’Dowd, Joanne McNally, and Jason Kelce, and long-time golfing companion and author Tom Coyne, A Course Called Ireland isn’t just a show about golf — it’s a celebration of life going gloriously off course. The series captures candid, unscripted moments woven with the wit, warmth, and wonder of Northern Ireland and the Republic of Ireland.


The six-part series will premiere globally on Paramount+ on October 25 excluding LatAm, and the UK, where it will air on BBC Two, BBC One Northern Ireland, and BBC iPlayer.

Bill Murray | A Course Called Ireland
Paramount+

The Showrunners and Executive Producers are Casey Scharf and Morgan Roberts, with Scharf having originally developed and packaged the series for television, and Chris Cottam serves as Series Director. The series was commissioned for the BBC by Catherine Catton, in her capacity as Head of Factual Entertainment and Events Commissioning, and Eddie Doyle, Head of Content Commissioning, BBC Northern Ireland. The BBC Factual Entertainment Commissioning Editor is Cal Turner and BBC Northern Ireland’s Commissioning Editor is Jason Butler. Paramount+ have commissioned A Course Called Ireland, inspired by Tom Coyne’s New York Times bestseller, A Course Called Ireland: A Long Walk in Search of a Country, a Pint, and the Next Tee. The series is produced by Stellify Media and Skydance Sports, with Jesse Sisgold, Jon Weinbach, Greg Groggel and Jason T. Reed serving as Executive Producers, and Stellify Media, with Kieran Doherty and Matthew Worthy serving as Executive Producers.

Tom Coyne and Bill Murray | A Course Called Ireland
Paramount+

A Course Called Ireland key art
Paramount+

***

About Skydance
Skydance is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. Skydance's portfolio unites legendary brands, including Paramount, Warner Bros., HBO, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central.

About Skydance Sports
Skydance Sports is built for where sports entertainment is headed, an award-winning studio creating premium content and experiences at the intersection of sports and culture. Upcoming projects include the Hulu scripted drama series The Land from Dan Fogelman, Paramount Pictures’ theatrical feature Mr. Irrelevant, starring David Corenswet, and A Course Called Ireland, a genre-bending golf adventure starring Bill Murray. In the past year, Skydance Sports received an Emmy® nomination for Rafa and 10 Sports Emmy® nominations for projects including America's Team: The Gambler and His Cowboys, WWE: Unreal, Elway, and Saquon. The studio's critically acclaimed portfolio also includes Golden Globe-nominated best feature film Air starring Ben Affleck and Matt Damon, PGA-nominated best documentary AKA Charlie Sheen, and Sports Emmy® winning franchise Pick is In.
 

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Skydance Announces Board, Adding Ynon Kreiz, Laurene Powell Jobs and Bobby Kotick as Directors and Tony Blair as Advisor

Skydance Announces Board, Adding Ynon Kreiz, Laurene Powell Jobs and Bobby Kotick as Directors and Tony Blair as Advisor
    
David Ellison will continue to serve as Chairman and Chief Executive Officer

Founder and President of Emerson Collective Laurene Powell Jobs and Activision founder Bobby Kotick join as Independent Directors, along with Skydance Co-CEO Ynon Kreiz; former UK Prime Minister Tony Blair to serve as Board Advisor

Skydance Logo
Skydance

LOS ANGELES and NEW YORK, Oct. 6, 2026 -- Skydance Corporation (NYSE: SKYD) ("Skydance") today announced the director and advisor designees for the newly combined company, formed through Paramount's merger with Warner Bros. Discovery, Inc. (NASDAQ: WBD). The designees will join the Skydance Board of Directors, effective immediately.

David Ellison will chair the Board and continue to serve as Skydance's Chairman and Chief Executive Officer. The Board will include all current members of Paramount's Board, along with three new additions: Ynon Kreiz, Co-Chief Executive Officer of Skydance, Laurene Powell Jobs, founder and president of Emerson Collective; and Bobby Kotick, founder and former Chief Executive Officer of Activision. Powell Jobs and Kotick will join as Independent Directors.

Powell Jobs is a visionary entrepreneur and one of the most influential leaders in business and philanthropy. She is also a committed investor in journalism and media, supporting quality, independent reporting and storytelling at both the national and local levels. She built her career on creating institutions that endure and drive meaningful change. Her leadership extends across education, climate and community-driven initiatives. As founder and president of Emerson Collective, she pioneered a groundbreaking model that unites venture investing and philanthropic grant-making to tackle society's most complex challenges, and she has shown a rare gift for identifying bold ideas early and scaling them into lasting impact. That dedication, together with her extensive experience in investing and philanthropy, makes her a valuable addition to Skydance's board.

Bobby Kotick brings more than three decades of public-company leadership, having served as CEO of Activision for 32 years and built it into one of the world's most successful video game companies. He paired bold strategic moves, including the company's merger with Vivendi Games, with disciplined capital allocation and a consistent record of rewarding shareholders. That record culminated in the sale of Activision Blizzard to Microsoft for $68.7 billion, the largest transaction in the history of the video game industry. Throughout his tenure, he showed a rare ability to anticipate shifts in how consumers engage with entertainment, investing in new platforms, new business models and new ways of reaching fans while keeping creative excellence at the center of the enterprise. His experience scaling a franchise-driven business, managing the complexity of a global public company and steering major industry transitions will serve Skydance well as it navigates an evolving media and entertainment landscape.

Former UK Prime Minister Tony Blair will join as a Board Advisor. Blair, who will be acting in a personal capacity, is Executive Chairman of the Tony Blair Institute for Global Change, a not-for-profit organization, which helps leaders govern in the age of AI. His global leadership experience and commitment to innovation position him as an invaluable advisor in shaping Skydance's strategic priorities.  

Skydance is a creative-first, audience-focused, tech-forward and globally scaled company, and these directors reflect that ambition. Their combined experience across media and entertainment, technology, finance and global affairs will provide strategic guidance and oversight as Skydance brings together its complementary businesses, storytelling capabilities and technology platforms, helping to align our goals and accelerate growth.

Said David Ellison, Chairman and CEO of Paramount, a Skydance Corporation:

"I am delighted to welcome Laurene and Bobby to our Board and honored to have Tony join us as an Advisor. Laurene is a true visionary and one of the great institution builders of our time. Her vision, judgment and unwavering commitment to high-quality journalism and media investments make her a truly exceptional addition to our Board. Through Emerson Collective, she pioneered an innovative model that brings together venture investing and philanthropy to tackle society's most complex challenges, and she has an extraordinary gift for recognizing bold ideas early and turning them into lasting impact."

Ellison continued: "Bobby led a global entertainment company through three decades of sustained growth, and he brings real perspective on building enduring franchises and connecting with fans. His record of pairing bold strategic moves with disciplined capital allocation is exactly the experience we need as we bring our businesses together. Tony has led at the highest levels of government, respected for his intellect, strategic vision and ability to bring people together around bold, forward-looking ideas. His global perspective and insight will be invaluable as we turn ambition into results."

Ellison added: "Together with our other directors, they bring the experience and fresh perspectives we need to build Skydance into an extraordinary company, one that honors the legacies of Paramount and Warner Bros. Discovery while setting a bold course for the future. United by a commitment to creative excellence, innovation and long-term shareholder value, this Board will help us empower our teams, strengthen our businesses and deliver exceptional entertainment to audiences around the world."

The Director-designees are as follows:

  • David Ellison, Chairman and Chief Executive Officer of Skydance
  • Barbara Byrne, Former Vice Chairman of Barclays PLC (Independent Director)
  • Andy Campion, Chairman and CEO of Unrivaled Sports (Independent Director)
  • Gerry Cardinale, Founder, Managing Partner, and Chief Investment Officer, RedBird Capital Partners
  • Safra A. Catz, Executive Vice Chair and Former CEO, Oracle Corporation
  • Andy Gordon, President of Skydance
  • Justin G. Hamill, Managing Director and Chief Legal Officer, Silver Lake (Independent Director)
  • Lauren Powell Jobs, Founder and President, Emerson Collective (Independent Director)
  • Bobby Kotick, Founder and former CEO of Activision (Independent Director)
  • Ynon Kreiz, Co-Chief Executive Officer of Skydance
  • Sherry Lansing, Former Chairman and CEO of Paramount Pictures (Independent Director)
  • Paul Marinelli, President, Lawrence Investments, LLC
  • John L. Thornton, Chairman of RedBird Capital Partners

About Skydance

Skydance is a next-generation global media and entertainment company, composed of three business segments: Studios, Direct-to-Consumer, and TV Media. Skydance's portfolio unites legendary brands, including Paramount, Warner Bros., HBO, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central.

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Tuesday, October 06, 2026

Paramount Completes Acquisition of Warner Bros. Discovery, Creating a New Global Entertainment Leader, Skydance

PARAMOUNT COMPLETES ACQUISITION OF WARNER BROS. DISCOVERY, CREATING A NEW GLOBAL ENTERTAINMENT LEADER, SKYDANCE
    
  • The combination builds on the storied history of two of the world's most recognizable entertainment companies, forming a single creative powerhouse.
  • The combined company, Skydance, brings together two major film studios, two global streaming services, premier television assets including CBS, HBO, and Paramount's and WBD's cable networks, two of the industry's most recognized news networks, CBS News and CNN, and a leading content portfolio that includes live sports, a deep programming library and expansive collection of iconic brands and franchises.
  • Together, Paramount and WBD will deliver enhanced output commitments, including a minimum of 30 high-quality theatrical films per year and 180+ television shows and series.  
  • Skydance aims to build the next-generation global media and entertainment company powered by creativity and technology. We are creative-first, audience focused, tech-forward, globally scaled.
  • Storytelling anchors the combined company's growth strategy – expanding opportunities for the world's leading creative talent and widening choice for consumers across every entertainment vertical. 
  • Disciplined execution and an owner-operator model underpin the strategy, targeting at least $6 billion in run-rate synergies within three years.

Skydance Logo

LOS ANGELES and NEW YORK, Oct. 6, 2026 -- Skydance Corporation (f/k/a Paramount Skydance Corporation) (NYSE: SKYD) ("Paramount") today announced the completion of its acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD"), creating a combined company, named "Skydance." The company brings together two major film studios, two global streaming services, a premier television portfolio including CBS, HBO, and Paramount's and WBD's cable networks, two of the industry's most recognized news networks, CBS News and CNN, and a portfolio of live sports including CBS Sports and TNT Sports, as well as a deep programming library and expansive collection of brands and franchises. The transaction closed following receipt of all required regulatory approvals under the merger agreement and satisfaction of other customary closing conditions. Skydance Class B shares will begin trading today on the New York Stock Exchange (NYSE) under the new ticker symbol "SKYD."

Under the terms of the agreement, WBD shareholders received an amount in cash equal to $31.01666668 per share. WBD shares have ceased trading on NASDAQ, effective today. 

The completed transaction unites two of media and entertainment's most storied companies, each with a history spanning more than a century, giving the combined business a rare legacy to build on. The aim of the combined company is to build the next-generation global media and entertainment company powered by creativity and technology.

Storytelling will drive the combined company's growth, bringing creative visions to life for audiences in more than 200 countries and territories and creating greater opportunities for workers across the entertainment industry. Skydance starts from a position of strength: the most diverse film and television library of any studio, the largest theatrical output in the industry, 200+ million streaming subscribers across platforms, an iconic broadcast network, an unmatched sports portfolio, and a franchise portfolio spanning Top Gun and Harry Potter to White Lotus and SpongeBob SquarePants. From this foundation, Skydance is committed to delivering for the creative community and consumers, with at least 30 theatrical films annually, each with a minimum 45-day theatrical window, and already boasts 180+ television shows. Across TV and streaming, Skydance will also continue to support the independent production sector by commissioning content from independent studios and licensing its own content to third parties, creating more opportunities and more jobs for creatives, both in front of and behind the camera.

David Ellison, Chairman and CEO of Skydance, said: "Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality. We're grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn't be more excited to get to work."

Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, said: "This is a defining moment for the industry. By applying our owner-operator model to Paramount and WBD's unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that's undergoing transformational change. David, our Co-CEO Ynon Kreiz, and the rest of our world-class Skydance team have the vision and track record to lead through this change. We're proud to back them as we build a stronger Hollywood, expand opportunities for talent, and create long-term value for our shareholders."

At the same time, consumers can expect greater innovation from a company built with technology at its core, including significant improvements to its direct-to-consumer streaming products, which will unify into a single service over time.

The transaction received unanimous approval from competition authorities covering nearly 70 jurisdictions worldwide, reflecting recognition of the deal's pro-competitive nature and the benefits it brings to consumers and creatives alike. The combination will strengthen competition and expand consumer choice, both on Skydance's own platforms and across the broader industry.

The combined company is built on a strong financial foundation that positions it to capitalize on growth opportunities, deliver on its commitments, and drive shareholder value. Skydance is one of the largest media and entertainment companies in the world, with nearly $70 billion in revenue. We are targeting $6 billion-plus in run-rate synergies over the next three years. Applying the same operational playbook that allowed Paramount to exceed its synergy targets following the Skydance-Paramount merger, the synergy savings will come primarily from technology, integration and procurement, marketing and real estate rationalization. That will make the company leaner and more nimble, freeing it to grow its investment in the stories, creators and technology that matter most while reducing net leverage to its 3.0x target by the end of 2029.

Powered by best-in-class content, streaming scale and technological edge, the combined company expects to generate more than $10 billion in free cash flow by 2030 – reducing leverage while funding growth and investment. Its pro forma content spend of more than $30 billion for the last twelve-month period will be disciplined and strategic, prioritizing audience reach and long-term value creation. 

WBD's common stock has ceased trading on the Nasdaq Exchange, effective today. The Ellison Family holds the largest equity stake in Skydance (NYSE: SKYD), and the Ellison Family and RedBird Capital Partners ("RedBird") together are the sole holders of Paramount Class A Common Stock, including 100% of the combined company's voting shares.

As previously stated, the transaction included $47 billion of new equity investment in Class B Common Stock, led by the Ellison Family, RedBird, Public Investment Fund (PIF), L'IMAD, Qatar Investment Authority (QIA) and LionTree, which was priced at $12.00 per share. The debt financing for the transaction was led by Bank of America, Citigroup and Apollo.

Advisors

Centerview Partners LLC and RedBird Advisors acted as lead financial advisors to Paramount, and Bank of America Securities, Citi, M. Klein & Company and LionTree Advisors also acted as financial advisors. Cravath, Swaine & Moore LLP and Latham & Watkins LLP acted as legal counsel to Paramount. Latham & Watkins LLP also acted as legal counsel to the investor consortium, including the Ellison Family.

Allen & Company, J.P. Morgan and Evercore served as financial advisors to WBD and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP served as legal counsel.

Barclays Capital acted as financial advisors to the Special Committee of the Board of Directors of Paramount and Cleary, Gottlieb, Steen & Hamilton LLP served as legal counsel.

About Skydance

Skydance is a next-generation global media and entertainment company, composed of three business segments: Studios, Direct-to-Consumer, and TV Media. Skydance's portfolio unites legendary brands, including Paramount, Warner Bros., HBO and HBO Max, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central.

PSKY-IR

Cautionary Note Concerning Forward-Looking Statements

This communication contains "forward-looking statements" regarding the completed acquisition of WBD and the integration, synergies, financial and leverage targets, strategy, impact on competition, and other go-forward matters of the combined company. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount or WBD. Risks and uncertainties include, but are not limited to: risks that the expected benefits, synergies and opportunities of the completed acquisition may not be realized or may take longer to realize than expected; risks and costs associated with the integration of the business of WBD, including the ability to integrate successfully and to achieve anticipated synergies and financial targets; risks that the combined company may not achieve the expected run-rate synergies, net leverage, free cash flow or other financial goals described in this press release within the expected timeframes or at all; potential disruption to business operations and relationships as a result of the completed acquisition and ongoing integration; the risk of stockholder litigation relating to the acquisition of WBD; risks related to Paramount's streaming business; the adverse impact on Paramount's advertising revenues as a result of changes in consumer behavior, advertising market conditions and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to Paramount's decisions to invest in new businesses, products, services and technologies, and the evolution of Paramount's business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of Paramount's content; damage to Paramount's reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining Paramount's intellectual property rights; domestic and global political, economic and regulatory factors affecting Paramount's business generally or the completed acquisition of WBD; the inability to hire or retain key employees or secure creative talent; disruptions to Paramount's operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount's ability to integrate, the businesses of Paramount Global, Paramount, Skydance and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation relating to the transactions contemplated by the transaction agreement entered into on July 7, 2024, between Paramount Global and Skydance Media, LLC, potentially resulting in substantial costs; volatility in the price of Paramount's Class B common stock; the effect Paramount's dual-class capital structure and the concentrated ownership may have on the price of its Class B common stock or business; risks related to a private sale of a controlling interest in Paramount, including that Paramount's stockholders may not realize any change of control premium on shares of Paramount's Class B common stock and that Paramount may become subject to the control of a presently unknown third party; risks associated with Paramount's status as a "controlled company" under NYSE rules, including its exemption from certain corporate governance requirements; risks associated with the lack of voting rights of Paramount's Class B common stock; risks that anti-takeover provisions in Paramount's amended and restated certificate of incorporation ("Charter") and amended and restated bylaws, and under Delaware law, could deter, delay, or prevent a change of control; risks that exclusive forum provisions in Paramount's Charter could limit a stockholder's choice of forum for certain claims and discourage lawsuits against Paramount's directors and officers; risks that corporate opportunity provisions in Paramount's Charter could permit certain persons to pursue competitive opportunities that might otherwise be available to Paramount; risks associated with Paramount's holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to the combined company's ability to incur substantially more debt and its ability to meet the financial and other covenants contained in the agreements governing its substantial indebtedness; risks relating to the combined company's ability to deleverage the business in accordance with management's targets, including risks arising from assumptions, uncertainties and contingencies that may affect our ability to reduce indebtedness; risks relating to management's ability to execute on its strategic plan and improve the combined company's financial profile and cash flows from operations; and risks relating to any capital or other financing the combined company may have to raise in order to reduce its indebtedness following the acquisition of WBD. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, as amended by Paramount's Annual Report on Form 10-K/A, filed with the SEC on April 24, 2026, as superseded by, and solely to the extent set forth in, Paramount's Current Report on Form 8-K, filed with the SEC on May 13, 2026, Paramount's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the SEC on August 4, 2026, including in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," and Paramount's subsequent filings with the SEC, and WBD's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, WBD's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the SEC on August 6, 2026, in each case, including in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," and WBD's subsequent filings with the SEC, including filings related to the acquisition of WBD. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, https://ir.paramount.com/sec-filings/paramount, https://ir.corporate.discovery.com/financials/sec-filings, as applicable, or on request from Paramount or WBD. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law. We are not able to reconcile forward-looking non-GAAP financial measures because we are unable without unreasonable efforts to accurately estimate the individual adjustments for such reconciliations, as applicable, or to quantify the probable significance of these items at this time.

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David Ellison and Ynon Kreiz Announce their CEO Leadership Team for Skydance Following Anticipated Close of Warner Bros. Discovery Acquisition

David Ellison and Ynon Kreiz Announce their CEO Leadership Team for Skydance Following Anticipated Close of Warner Bros. Discovery Acquisition
    
The CEO Leadership Team will anchor a culture of innovation and excellence to build the next-generation global media and entertainment company powered by creativity and technology

New team brings together unmatched industry expertise, bold creative vision, and a commitment to using technology to elevate creators and strengthen every part of the business

Skydance and Its Brands
Skydance

LOS ANGELES and NEW YORK, Oct. 5, 2026 /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) (the "Company") Chairman and CEO David Ellison and Co-CEO Ynon Kreiz today announced their CEO Leadership Team (CLT) expected to lead the combined company, to be named Skydance, following the anticipated close of Paramount's acquisition of Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("WBD"). Drawing on deep expertise across entertainment, technology, and business operations, the CLT brings together leaders from both companies and reflects their complementary strengths. Each will report directly to the CEOs.

These leaders bring decades of experience building and stewarding iconic franchises, a bold creative vision, and a shared commitment to achieve the company's stated mission: to build the next-generation global media and entertainment company powered by creativity and technology. Together, they will focus on delivering exceptional storytelling for audiences around the world, creating new opportunities for creative talent and partners, and driving long-term value for shareholders.

The CLT, led by Ellison and Kreiz, is designed to drive transformation and growth, deepen collaboration across the business, and ensure the combined company is positioned to execute on its mission. Ellison will focus on the company's long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on the company's day-to-day management and integration of the combined business. Andy Gordon, President of Skydance, will work closely with both to advance the Company's strategic priorities across its businesses. All three will also serve on the Board of Directors, with Ellison as Chairman.

The following is the expected full CLT who will report to Ellison and Kreiz, assuming completion of the Transaction:

Enterprise Leadership

  • David Ellison, Chairman and Chief Executive Officer
  • Ynon Kreiz, Co-Chief Executive Officer

CEO Corporate Leadership Team

  • Andy Gordon, President
  • Dennis Cinelli, Chief Financial Officer
  • Makan Delrahim, Chief Legal Officer and President, Global Corporate Affairs
  • Dane Glasgow, Chief Product Officer
  • Rebecca Mall, Chief Marketing Officer
  • Melissa Zukerman, Chief Communications Officer

CEO Business Leadership Team

  • Casey Bloys, Co-Chair and Chief Content Officer, Skydance DTC
  • George Cheeks, Co-Chair and Chief Content Officer, Skydance TV
  • Dana Goldberg, Co-Chair, Skydance Motion Picture Group
  • Josh Greenstein, Co-Chair, Skydance Motion Picture Group
  • James Gunn, Co-Chairman of DC Studios
  • JB Perrette, Co-Chair & Chief Business Officer, Skydance TV and Co-Chair & Chief Business Officer, Skydance DTC
  • Peter Safran, Co-Chairman of DC Studios

CEO News Executive Leadership Team

  • Mark Thompson, Chairman and Editor-in-Chief of CNN Worldwide
  • Bari Weiss, Editor-in-Chief of CBS News

A complete list of the Company's new Executive Leadership Team (ELT) will be issued soon after close.

David Ellison, Chairman and CEO of Paramount, said: "I'm incredibly proud to introduce the team that will lead Skydance forward, a group that reflects the ambition behind this historic combination. Together, Paramount and Warner Bros. will form a creative-first home with the scale, imagination and technology to define entertainment for a generation. The leaders joining me have built some of the most beloved franchises and businesses in the industry, and they share a deep respect for the creative process and a belief that great stories have the power to entertain, unite and inspire audiences around the world. Their talent, experience and ambition are exactly what this moment demands, and together we will build a next-generation global media company that leads the industry in creative excellence and innovation, and delivers for audiences, creators, partners and shareholders alike."

Ynon Kreiz, Co-CEO of Paramount said: "Our goals as a team are to establish Skydance as the premier Hollywood content engine and home for the world's leading storytellers, accelerate our integrated DTC platform with the best content, leading-edge technology and superior consumer experience, and optimize our highly profitable linear TV portfolio, reaching audiences globally across every entertainment vertical. Together, we will: Win in storytelling by leveraging our creative capabilities, talent relationships, production prowess and expansive library of iconic IP; Build the most technologically capable media company through a modern tech platform to enhance the user experience, improve how we work and achieve operating efficiencies; and Lead in a crowded market by capitalizing on our scale, assets and global reach to compete in an evolving marketplace, drive synergies and grow our business."

CEO Leadership Team Bios, assuming completion of the Transaction:

David Ellison, Chairman & Chief Executive Officer

David Ellison will serve as Chairman and Chief Executive Officer of Skydance, a premier global media and entertainment company that creates and distributes award-winning content across television, film, streaming, and digital platforms — a role he most recently held at Paramount, where he led the anticipated acquisition of Warner Bros. Discovery. David previously served as CEO of Skydance Media, the diversified media company he founded in 2010, overseeing its slate of blockbuster and critically acclaimed films, including 2022's Top Gun: Maverick, and later launched Skydance Television, Skydance Animation, and Skydance Sports, building a diverse portfolio of series, animated features, and sports content across major streaming and broadcast platforms. David is an Academy Award-, Golden Globe- and Emmy Award-nominated producer, whose films have grossed nearly $10 billion globally. 

Ynon Kreiz, Co-CEO

Ynon Kreiz will serve as Co-Chief Executive Officer of Skydance, a premier global media and entertainment company that creates and distributes award-winning content across television, film, streaming, and digital platforms. Most recently, Ynon served as Chairman and Chief Executive Officer of Mattel, where he led a multi-year transformation strategy to expand Mattel's brands into film, television, consumer products and digital games, including the 2023 release of Barbie, the #1 global box office film of the year and Warner Bros.' highest-grossing movie of all time. He previously served as Chairman and CEO of Maker Studios, one of YouTube's largest multichannel networks, acquired by The Walt Disney Company, and earlier as Chairman and CEO of Endemol Group, the world's largest independent television production company.

Andy Gordon, President

Andy Gordon will serve as President of Skydance, working closely with Chairman and CEO David Ellison and Co-CEO Ynon Kreiz to advance the company's strategic priorities across its businesses. An early advisor to Skydance Media, he helped orchestrate Skydance's acquisition of Paramount in 2025 and Paramount's anticipated acquisition of Warner Bros. Discovery in 2026. He currently serves as Chief Strategy Officer and Chief Operating Officer of Paramount, and previously was a Partner at RedBird Capital Partners, where he led the firm's Los Angeles office and its Technology, Media & Telecom investment team. Earlier, he spent 35 years at Goldman Sachs, a majority as partner, including as global chairman of Investment Banking Services and global head of media and telecommunications for the Technology, Media and Telecom Group.

Casey Bloys, Co-Chair and Chief Content Officer, Skydance Direct-To-Consumer (DTC)

Casey Bloys will serve as Co-Chair and Chief Creative Officer of Skydance DTC, overseeing HBO Max and Paramount+ original programming as well as strategy, operations, communications, and performance across the company's streaming platforms. He currently serves as Chairman and CEO, HBO and Max Content. Since assuming oversight of HBO programming as President in 2016, he and his team have developed and produced a wide array of acclaimed series including The Pitt, A Knight of the Seven Kingdoms, The White Lotus, The Last of Us, House of the Dragon, DTF St. Louis, The Penguin, Succession, Chernobyl, Barry, Girls, Veep, Insecure, Mare of Easttown and Big Little Lies, among others. And the highly anticipated Harry Potter and the Philosopher's Stone will debut on Christmas this year. Bloys joined HBO in 2004 and rose through roles including Executive Vice President of HBO Programming and President of HBO Programming. 

George Cheeks, Co-Chair and Chief Content Officer, Skydance TV

George Cheeks will co-lead Skydance's newly formed Television division, an expansive mix of Paramount and Warner Bros. studios, networks, sports and cable brands. His remit will include three television studios -- Warner Bros. Television Studios, CBS Studios and Paramount Television Studios – as well as Skydance's global sports group, the CBS Television Network, 27 local television stations and a portfolio of more than 50 cable networks in the U.S. and around the world including brands such as HGTV, Food Network, TBS, TNT, Discovery, BET, Comedy Central, MTV and Nickelodeon.  Since joining Paramount in 2020, he served as Co-CEO of Paramount Global and CEO of CBS, helping transform the network from a singular broadcast brand into a global multiplatform content provider for broadcast and streaming.

Dennis Cinelli, Chief Financial Officer

Dennis K. Cinelli is Chief Financial Officer of Paramount, a role he will continue to hold at Skydance, where he oversees the company's global financial functions, including accounting, tax and investor relations. He previously served as a member of Paramount's Board of Directors. Before joining Paramount, Cinelli was CFO of Scale AI, where he guided the company through sevenfold revenue growth, a $1 billion Series F financing and a $14 billion strategic investment from Meta. Earlier, he held senior leadership roles at Uber, including VP & Head of Mobility for the U.S. & Canada and VP of Global Strategic Finance during the company's 2019 IPO, and he served as CFO of GE Ventures. He holds a Bachelor of Science in Finance from the University of Maryland's Robert H. Smith School of Business.

Makan Delrahim, Chief Legal Officer & President, Global Corporate Affairs

Makan Delrahim currently serves as Chief Legal Officer of Paramount, overseeing all legal, regulatory, compliance, labor relations, and public policy, including oversight of global government relations, and will continue with those responsibilities at Skydance. He previously was a Partner at Latham & Watkins LLP, advising clients on complex mergers, government investigations, and crisis situations, and earlier served as the 35th U.S. Assistant Attorney General for the Antitrust Division at the U.S. Department of Justice, overseeing hundreds of mergers and acquisitions and expanding the division's international engagement. Makan has also held senior posts at DOJ, the White House, the U.S. Senate, and the Office of the U.S. Trade Representative.

Dane Glasgow, Chief Product Officer

Dane Glasgow will serve as Chief Product Officer for Skydance, leading the Company's long-term product vision and technical strategy - driving innovation across digital platforms, immersive storytelling, advertising, and AI-powered capabilities. He previously served as VP of Product Management at Facebook, where he led product teams delivering to over 3 billion monthly active users.  Prior, Dane was a serial entrepreneur and held senior leadership positions in product, design, engineering, and general management at Google, eBay, and Microsoft.

Dana Goldberg, Co-Chairman, Skydance Motion Picture Group

Dana Goldberg will serve as Co-Chairman of Skydance Motion Picture Group with Josh Greenstein, overseeing vision, long-term strategy, operations, production, development, business affairs, marketing, distribution and strategic planning for Paramount Pictures, Warner Bros. and the broader film portfolio. Prior to joining Paramount, she served as Chief Creative Officer of Skydance Media, having joined in 2010 as President of Production, where she developed and produced films, including Top Gun: Maverick, several Mission: Impossible entries, World War Z, The Gorge, and The Adam Project. In 2013, she founded Skydance Television, producing more than 20 series such as Reacher, Grace and Frankie, and Foundation.

Josh Greenstein, Co-Chairman, Skydance Motion Picture Group

Josh Greenstein will as Co-Chairman of Skydance Motion Picture Group with Dana Goldberg, overseeing vision, long-term strategy, operations, production, development, business affairs, distribution, and strategic planning for Paramount Pictures, Warner Bros. and the broader film portfolio. Prior to joining Paramount, he served as President of Sony Pictures' Motion Picture Group, where he oversaw the studio's labels on films and franchises including Once Upon a Time In Hollywood, Spider-Man: Into the Spider-Verse, Bad Boys for Life, Jumanji, Spider-Man: No Way Home, Where the Crawdads Sing, and The Woman King, with No Way Home becoming Sony's highest-grossing release at the time.

James Gunn, Co-Chairman of DC Studios

James Gunn will serve as Co-Chairman DC Studios at Skydance, partnering with Peter Safran. Gunn was the creative force behind the company's 2025 blockbuster Superman, its hugely anticipated follow-up – Man of Tomorrow – in theaters next summer, and the award-winning Guardians of the Galaxy franchise, among others. At DC Studios, he is executive producing a cross-platform slate that includes the HBO Max smash Lanterns, as well as Peacemaker and Creature Commandos, both of which he wrote and created. Gunn got his start as a screenwriter, penning the 1997 cult classic Tromeo & Juliet, followed by The Specials, the Scooby-Doo films, Dawn of the Dead, and his 2006 directorial debut Slither.  

Rebecca Mall, Chief Marketing Officer

Rebecca Mall will serve as Chief Marketing Officer of Skydance, where she will lead brand, franchise, cross company, and Kids and Family marketing. She will also partner with all of Skydance's business units to align media investment and brand marketing across the enterprise, coordinating efforts across Media, Digital Analytics, and Social. Prior to joining the Company, Mall held senior leadership roles across the entertainment and technology industries, including at William Morris Endeavor (WME), Paramount Pictures, and Google.

Jean-Briac (JB) Perrette, Co-Chair & Chief Business Officer, Skydance Direct-To-Consumer (DTC) and Co-Chair & Chief Business Officer, Skydance TV

JB will serve as Co-Chair & Chief Business Officer, Skydance DTC and Co-Chair & Chief Business Officer, Skydance TV, including direct global oversight for Global Distribution, Advertising Sales, Content Sales, DTC Strategy, Marketing and business operations.  He most recently served as CEO and President of Global Streaming and Games for Warner Bros. Discovery, where he led the global rollout of HBO Max to more than 130 markets worldwide, spearheaded a $4B+ turnaround in profitability, and oversaw the Company's leading games portfolio, including titles such as Mortal Kombat and Hogwarts Legacy. He previously served as President and CEO of Discovery International and Streaming, and earlier spent 11 years at NBCUniversal, including as President of Digital and Affiliate Distribution, where he played a key leadership role in the creation and development of Hulu.

Peter Safran, Co-Chairman of DC Studios

Peter Safran will serve as Co-Chairman of DC Studios at Skydance, partnering with James Gunn to lead the strategic and creative direction of the DC Universe across film, television, animation, themed entertainment and gaming. A veteran entertainment executive and producer, Safran previously founded and led The Safran Company, producing globally successful franchises including The Conjuring, Aquaman, and Shazam!, generating billions in worldwide box office revenue. Recognized for building enduring entertainment brands and franchises, he combines creative leadership with business acumen. Safran holds degrees from Princeton University and New York University School of Law.

Mark Thompson, Chairman and Editor-in-Chief, CNN

Sir Mark Thompson serves as Chairman and Editor-in-Chief of CNN Worldwide, overseeing all aspects of the business in the U.S. and around the world, and serving as editor-in-chief of CNN. He previously served as President and CEO of The New York Times Company, leading the transformation of the news brand into a digital powerhouse and growing digital subscribers from half a million to nearly 6 million, and earlier served an eight-year term as Director General of the BBC, where he guided the organization's coverage of major global events and launched the BBC iPlayer, one of the world's first streaming services from a major broadcaster.

Bari Weiss, Editor-in-Chief of CBS News

Bari Weiss serves as Editor in Chief of CBS News. She is also the Editor in Chief of The Free Press, which was acquired by Skydance in 2025. Before founding The Free Press in 2020, alongside her wife and her sister, Ms. Weiss worked on the opinion pages of The New York Times and The Wall Street Journal. In 2021, the Los Angeles Press Club awarded her with the Daniel Pearl Award for Courage and Integrity in Journalism. She is the author of the book How to Fight Anti-Semitism, and the host of the podcast Honestly. 

Melissa Zukerman, Chief Communications Officer

Melissa Zukerman currently serves as Chief Communications Officer of Paramount and will continue in that role at Skydance, where she will lead global communications strategy, serve as chief spokesperson, and advise the Chairman and CEO on external relations. She oversees corporate messaging, executive, crisis, and internal communications, as well as the company's Corporate Social Responsibility division. She previously served as managing partner of a communications and public relations advisory firm, representing high-profile media companies and executives including AT&T, Disney, Marvel Studios, Warner Bros. Discovery, and Skydance. Earlier, she held corporate communications roles at Universal Studios, E! Entertainment Television, and IFILM.

About Skydance

Skydance is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. Skydance's portfolio unites legendary brands, including Paramount, Warner Bros., HBO, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central.

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Official Paramount Skydance Corporation press release courtesy of PR Newswire; H/T: TheFutonCritic.com.

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