Paramount-Warner Bros. $110B merger threatens democracy, critic warns

Paramount's acquisition of Warner Bros. Discovery closed in October 2026 at about $110 billion including debt, creating Skydance Corporation, which owns CNN, CBS News, HBO and Paramount+. A 12-state antitrust suit ended in a settlement requiring a multiyear theatrical release guarantee and an editorial independence board for CNN and CBS News. Skydance expects to cut at least $6 billion in costs within three years.

• Deal valued at about $110 billion including debt
• Skydance targets at least $6 billion in cost cuts over three years
• 12 states sued to block the merger on antitrust grounds
• CNN and CBS News get an editorial independence board