Paramount Reportedly Plans to Close Its Warner Bros. Takeover Next Week, With a New Company Name Possibly Coming Tomorrow

Hollywood’s biggest merger in years is finally nearing the finish line. Paramount Skydance’s roughly $110 billion acquisition of Warner Bros. Discovery would put two of the industry’s oldest studios under one roof, and the Paramount Warner Bros. acquisition has been a long and messy road.

It started as a bidding war. Paramount Skydance won the fight after Netflix declined to raise its own offer, and the two companies announced their agreement on February 27, valuing Warner Bros. Discovery shares at $31 each. The deal was expected to close in the third quarter of 2026.

Since then, the approvals have arrived one by one. WBD shareholders signed off in April, and the U.S. Department of Justice cleared the deal in June. Now, a report cited online from a CNN newsletter says Paramount intends to complete the acquisition next week, and that the new name of the combined company could be announced as soon as tomorrow.

The biggest remaining hurdle was a lawsuit from 12 state attorneys general, which Paramount settled on September 21. The company also settled with the Writers Guild of America, agreeing to prohibit writer layoffs at CBS News’ broadcast team for 5 years and to pay $17.5 million toward the guild’s health fund.

A federal judge still has to approve the settlement with California’s attorney general. At a September 24 hearing, the judge declined to approve it right away, instead allowing a few days for opposing briefs to be filed.

In an SEC filing, Paramount said the actual closing date is uncertain but estimated for planning purposes that it would close on October 7. Warner Bros. Discovery CEO David Zaslav also told staff earlier this month that he expects the merger to close no later than early October.

There is real money riding on the date. Starting October 1, Paramount began accruing a ticking fee of $7 million per day payable to Warner Bros. Discovery shareholders until the merger closes.

A closing on October 7 would mean about a week of those fees, roughly $49 million, on top of the $31 per share payout and vested equity awards. The company has also been lining up financing, including a $44 billion debt offering and an additional $7.5 billion loan syndication.

The merged group would span Paramount Pictures, Warner Bros., CBS, HBO, CNN and MTV. It would also own both Paramount+ and HBO Max, though executives have suggested that the services could eventually be merged into one streaming platform.

The deal would put David Ellison in charge of two Hollywood studios and two major newsrooms in CNN and CBS News. Paramount has already been reshuffling its own leadership, with streaming chief Cindy Holland departing ahead of the new joint strategy.

Paramount has committed to producing a minimum of 30 theatrical films annually. Theater owners and longtime industry players have been skeptical that the company can deliver on that promise.

Critics also worry about layoffs. The combined company is expected to carry about $80 billion in debt, and Ellison has promised at least $6 billion in synergies, which has led to expectations of thousands of job cuts.

CNN has drawn its own scrutiny. Ellison has insisted that editorial independence will be maintained, and the settlements reportedly include protections for journalists at CBS and CNN, including headcount requirements.

The new name is the part fans are curious about. The combined company’s name has not been announced in the sources reviewed, and the CNN newsletter cited online only says it could come as soon as tomorrow.

Whatever it is, the logos shared in the tweet, the Warner Bros. shield and the Paramount mountain, show the two brands that will have to coexist. Both studios are among the oldest in Hollywood, and Ellison has said he would keep them as separate studios.

For moviegoers, the most visible effect will be on the release calendar. Paramount will inherit at least 40 Warner Bros. theatrical releases dated between early October and 2029, including the ‘Game of Thrones’ film ‘Aegon’s Conquest’.

For streaming fans, the biggest question is what happens to HBO Max and Paramount+. The answer may come quickly once the deal closes.

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