Paramount/WBD Deal Done By September? Ellison, Zaslav Believe It

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Posted in: Movies, Opinion, TV, TV | Tagged: opinion, paramount, warner bros discovery

Paramount/WBD Deal Done By September? Ellison, Zaslav Believe It

Making their pitch why the deal makes sense, Paramount's David Ellison and Warner Bros. Discovery's David Zaslav believe it can wrap Q3 2026.

Published Fri, 27 Feb 2026 17:03:11 -0600
by Ray Flook
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Article Summary

  • Paramount and Warner Bros. Discovery confirm official merger, aiming for Q3 2026 regulatory clearance.
  • David Ellison promises minimum 45-day theatrical windows before films hit VOD and then streaming platforms.
  • Merger supposedly creates a global streaming powerhouse, uniting Paramount+, HBO Max, and Pluto for stronger competition.
  • The combined company would boast leading sports rights, vast film/TV libraries, and expanded international reach.

A day after Netflix announced that it wouldn't be revising its offer for the company's studios and streaming service, Paramount Skydance and Warner Bros. Discovery made it their intentions to merge official on Friday. In a press release that included comments from Paramount Skydance CEO David Ellison and WBD CEO David Zaslav, the companies pitched what they say are the benefits of the newly formed company.

One highlight is Ellison committing to a "minimum 45-day window globally" before feature films "becoming available on paid video-on-demand (VOD), with the intention of 60-90 days or more to maximize the audience for our most successful releases." From there, "each film will transition to the current industry standard home video window, preserving paid video-on-demand prior to availability on subscription streaming services." While that might make some movie theater diehards happy, it remains unclear how realistic a goal it is to achieve in the current theater-going climate, and how such a move could ignite a new wave of online piracy.

Another headline-grabber is the note that Ellison and Zaslav expect the deal to be cleared by regulators and to lose during Q3 2026 (July 2026-September 2026), despite public comments by Congress and a number of states' attorneys general that the Paramount/WBD deal demands a serious investigation, especially regarding any influence the Trump Administration amy have had on the deal. The next important date is March 2nd, when Paramount will conduct a conference call and webcast to discuss the merger agreement with WBD.

"From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company. By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners, and shareholders — and we couldn't be more excited for what's ahead," noted Ellison. "I'm very pleased with the outcome we achieved for WBD shareholders and the entertainment industry. Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors. We look forward to working with Paramount to complete this historic transaction," Zaslav added.

Image: Paramount; Warner Bros. Discovery

Here's a rundown of the highlights listed on Paramount Skydance's corporate website (which also includes highlights from the pending transaction):

Strategic and Financial Benefits of a Paramount-Warner Bros. Discovery Merger

  • Hollywood Champion: We will invest in expanding the creative engines at the core of both WBD and Paramount. We will maintain both studios while prioritizing the attraction and retention of world-class creative talent, strengthening our ability to deliver a broad pipeline of high-quality content, including 15 theatrical feature films per year per studio, for our combined platforms and third-party distribution partners.
  • Establishes a Global Streaming Competitor: By uniting the strengths of Paramount and WBD, we will create a premier direct-to-consumer platform with enhanced reach, engagement, and monetization capabilities – positioning the combined company to increase competition while accelerating subscriber growth, deepening engagement, and driving significant long-term profitability.
  • Pro-Competition: The combination of Paramount+, HBO Max and Pluto creates a highly competitive DTC business that expands both consumer choice and opportunities for creative talent and labor. The deal will deliver compelling value for both content suppliers and consumers – establishing another strong, credible competitor in today's streaming marketplace.

  • Transaction Supports a Competitive Theatrical and Content Distribution Ecosystem:

    • Every film will receive a full theatrical release, with a minimum 45-day window globally before becoming available on paid video-on-demand (VOD), with the intention of 60-90 days or more to maximize the audience for our most successful releases.
    • Both studios will continue to support a vibrant third-party ecosystem by licensing their films and shows across their own and third-party platforms, while remaining active buyers of content from third-party studios and independent producers.
    • Following its theatrical run, each film will transition to the current industry standard home video window, preserving paid video-on-demand prior to availability on subscription streaming services.
    • Paramount will continue to adhere to specific windowing regimes in geographies it operates in, including in France where Paramount maintains its windowing commitments.
  • A Compelling Portfolio of IP and Content: The combined company will own a film library of more than 15,000 titles and thousands of hours of television programming. It will be home to many of the world's most iconic and enduring franchises, including Harry Potter, Mission Impossible, Lord of the Rings, Game of Thrones, the DC Universe, Teenage Mutant Ninja Turtles, Transformers, Star Trek and SpongeBob SquarePants.
  • Broad Sports Rights Portfolio: The merged company will hold one of the industry's most compelling and competitive portfolios of sports rights, including: the NFL, Olympics, UFC, PGA Tour, NHL, Big Ten and Big 12 Football, NCAA College Basketball, and Champions League, with the ability to distribute these rights collectively across all of our platforms, thereby giving sports fans easier access to more of the content they want in one place.
  • Stronger Linear Networks: A complementary portfolio of cable networks spanning entertainment, sports and news will significantly improve cash flow, unlock efficiencies, and strengthen our ability to manage linear market pressures. It also creates a more compelling, unified platform for advertisers through integrated cross-channel sales and activation opportunities.
  • Diverse International Portfolio: A presence in over 200 countries and territories, including cable and free-to-air networks, that will provide more opportunities for world class storytelling – including local production – to be seen globally and allow us to continue to serve local audiences around the world with the best stories across TV, film, sports, and news.
  • Technology to Create Stronger Infrastructure Backbone and Improved User Interface: By streamlining the technological underpinning of every aspect of the combined company's businesses, we will improve the user experience, generate financial and operating efficiencies and eliminate redundancies.
  • Well-Positioned to Invest in Growth: The pro forma balance sheet and cash flow will enable continued investment in growth initiatives, as demonstrated by the marquee deals announced by Paramount since the close of the Skydance merger, including: Trey Parker and Matt Stone of South Park, the UFC, the Duffer Brothers and Activision, among others. The combined company's resources and backing of Paramount's committed investors will support increased investment in content generation, reinvigorating the media industry and enhancing competition to the benefit of talent and labor.

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