On CNBC Thursday, David Ellison pointed out that the merger came just a few days following the official closing of Paramount's purchase of Warner Bros. Discovery. He put it simply: "By combining Paramount and Warner Bros, we have the greatest content engine," citing marquee franchises and a strong sports slate. He also pointed out that uniting HBO Max with Paramount+ yields "over 200 million global streaming subscribers," plus the Olympics on the international front and a profitable linear TV operation "anchored by CBS."
Skydance's umbrella now includes the Paramount and Warner Bros. film studios, the CBS broadcast network, pay TV brands such as CNN, TNT, MTV and BET, along with the Paramount+ and HBO Max streaming platforms.
Ellison and Ynon Kreiz are splitting the top job. Ellison is taking the lead on creative vision, technological bets and long range strategy. Kreiz is overseeing integration and the day to day. Framing the opportunity, Kreiz said, "We have a unique opportunity to build the next generation media and entertainment global company that is powered by creativity and technology." He also emphasized that the team has the assets, capability and people to execute at a moment when reaching and gathering audiences is getting tougher.
Ellison, also Skydance's chairman, brings more than 15 years producing on set and wants the company to be a creative hub for filmmakers. The co-CEOs were photographed outside the New York Stock Exchange on Oct. 8, 2026.
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Skydance has big commitments ahead. To settle an antitrust case brought by state attorneys general, the company pledged a theatrical slate of at least 30 titles per year in 2027 and 2028, and a minimum of 32 films each year in 2029, 2030 and 2031. For near term context, Rentrak data shows 35 films planned for next year.
The balance sheet is hefty too, with roughly $80 billion in debt tied to the merger. Skydance has also aimed to cut costs by $6 billion across the next three years.
Ellison said, "There are absolutely operational efficiencies," and, "We've looked at this deal for over a year. We know where every single dollar is." Kreiz added those savings "will come from technology, marketing consolidation, real estate optimization, and some labor." Ellison has also indicated he plans to merge Paramount+ and HBO Max, and noted Skydance has unified ad sales across platforms while working to unify back end tech stacks.
As for jobs, Kreiz said, "This is not about a few days of share trading, or even managing synergies for three years. We're building a company for future generations," and, "But reducing the workforce is a part of that. We said that, we were public about it. But when it comes to making those decisions, of course, we're thinking of our people. We're going to do it in the right way, respectfully, transparently, and communicate our plans."
CBS and CNN now share a parent. CNN has been a frequent target of criticism from President Donald Trump, and in recent weeks his administration blocked the network from specific access to the president within the White House television press pool. Oracle co-founder Larry Ellison, David's father, is a longtime Trump ally, which has fueled concerns about political influence over news operations.
In response, the agreement with state AGs requires setting up a new oversight board for CBS and CNN to protect editorial independence. On Monday, Skydance said that Mark Thompson will continue in his role as CNN Worldwide's chairman and editor-in-chief, while Bari Weiss will remain editor-in-chief of CBS News. Kreiz said, "We'll look to keep the businesses run in parallel with independent editorial operation," and praised the brands as "successful, well-established, highly recognized." Ellison deflected newsroom decisions to Thompson and Weiss, adding, "Corporate stays out of editorial."
What this means for your money: Skydance is blending huge streaming reach, a guaranteed theatrical pipeline and a sizable debt load with a very specific cost plan. If you watch media trends, those ingredients shape how cash flows over the next few years and where pressure could build later.
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