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. 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.
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. 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 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.
Extract — continue reading at the source.
