A history of Warner Bros from old Hollywood to streaming era
WBD•Paramount Skydance completed its $110 billion acquisition of Warner Bros Discovery on October 6, 2026, forming an entertainment company named Skydance and putting CEO David Ellison in charge.
1. From studio to media giant
Warner Bros was founded in 1923 by brothers Harry, Albert, Sam and Jack Warner. Time Inc and Warner Communications merged in 1990 in a $14 billion deal, creating Time Warner; later milestones included its 1996 merger with Turner Broadcasting and its 2000 merger with AOL.
2. A series of restructurings
AT&T announced an $85 billion acquisition of Time Warner in 2016 and completed it in 2018, renaming the company WarnerMedia. WarnerMedia and Discovery completed a $43 billion merger in 2022, creating Warner Bros Discovery, which announced a plan to separate its streaming and studio businesses from its cable assets in June 2025.
3. Paramount completes acquisition
After competing bids and a deal agreement valued at $81 billion in equity in February 2026, Paramount Skydance completed its $110 billion acquisition of Warner Bros Discovery on October 6. The combined company brings together studios behind franchises including Mission: Impossible, Harry Potter and DC Studios, as well as networks and services including CBS, CNN, Paramount+ and HBO Max.
