Paramount Skydance's $111 billion takeover of Warner Bros. Discovery expected to close, forming new media giant Skydance.

Paramount Skydance is anticipated to finalize its $111 billion acquisition of Warner Bros. Discovery on Tuesday, October 6, 2026. This deal will create a new global media conglomerate named Skydance. David Ellison, CEO of Skydance, will then control CBS News and CNN. Negotiations are also underway to retain CNN CEO Mark Thompson beyond his current contract, while CBS News editor-in-chief Bari Weiss is not expected to have a role involving CNN.