The deal has cleared a major legal hurdle after a 12-state antitrust lawsuit seeking to block the transaction was settled, putting the proposed combination on course to close. David Ellison, who heads the newly merged company, told employees on Monday that he expects the Paramount-Warner Bros. transaction to be completed in about two weeks.
The scale of the combined business is notable not simply because two major media companies are joining forces, but because each already controls an enormous portfolio of established entertainment properties.
Once completed, Ellison’s company will bring together Paramount’s deep Hollywood and television assets with Warner Bros. Discovery’s extensive film, television, streaming and cable operations. The resulting company will control a broad range of some of the entertainment industry's most recognizable franchises.
Among the biggest names in the combined portfolio are Warner Bros.’ Harry Potter, Game of Thrones, The Lord of the Rings, Friends, The Matrix and the DC Universe, alongside Paramount’s Yellowstone, Mission: Impossible, Top Gun, Transformers, Star Trek, SpongeBob SquarePants and Teenage Mutant Ninja Turtles.
The merger will also combine two major streaming businesses. Paramount brings Paramount+ and Pluto TV, while Warner Bros. Discovery contributes HBO Max and Discovery+.
The television footprint will be equally expansive. Paramount’s holdings include CBS, Nickelodeon, MTV, Comedy Central, Showtime, BET and TV Land. Warner Bros. Discovery adds networks such as CNN, HBO, Cartoon Network, Adult Swim, TBS, TNT, truTV, Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Animal Planet and OWN.
The combined company will therefore span entertainment and information programming across broadcast television, cable, streaming and digital platforms.
A vast library of intellectual property
The sheer breadth of the companies’ intellectual property is one of the defining features of the transaction.
Paramount’s portfolio includes the Yellowstone universe, Mission: Impossible, Top Gun, Transformers, Teenage Mutant Ninja Turtles, Dora the Explorer, Paw Patrol, South Park, Star Trek, The Godfather, SpongeBob SquarePants and Avatar: The Last Airbender.
Warner Bros. Discovery brings an equally prominent collection, including Harry Potter, The Lord of the Rings, DC, Game of Thrones, Dune distribution rights, Friends and The Matrix.
The television and unscripted catalogues are similarly broad. Warner Bros. Discovery owns or operates properties including Tournament of Champions, Chopped, Home Town, House Hunters and 90 Day Fiancé.
The depth of these libraries could give the merged company a substantial collection of established properties that can be developed across films, television series, streaming programming, licensing and other forms of entertainment.
Film and television production
The new company will also inherit a large collection of production studios.
Paramount’s assets include Paramount Pictures, Paramount Television Studios, including MTV Entertainment Studios, CBS Studios, Skydance Media and Paramount Animation.
Warner Bros. Discovery contributes Warner Bros. Pictures, Warner Bros. Television Studios, New Line Cinema and DC Studios.
Together, the studios represent a substantial production infrastructure covering theatrical films, television programming, animation and major franchise-based entertainment.
Warner Bros. is also preparing to revive the Harry Potter franchise through a new HBO series, adding another major property to the company's already extensive slate.
Broadcast and cable networks
The merger will create an unusually broad collection of linear television networks.
Paramount’s portfolio includes:
- CBS
- Nickelodeon/Nick Jr.
- MTV
- VH1
- CMT
- Comedy Central
- Showtime
- Paramount Network
- BET
- TV Land
Warner Bros. Discovery’s networks include:
- CNN
- HBO
- Cartoon Network/Adult Swim
- TBS
- TNT
- truTV
- Discovery Channel
- HGTV
- Food Network
- TLC
- Investigation Discovery
- Magnolia Network, operated as a joint venture with Chip and Joanna Gaines
- OWN
- Animal Planet
The combination will consequently bring entertainment, lifestyle, news, sports and factual programming under one corporate umbrella.
Streaming and news
Streaming will be another central component of the merged company's business.
Paramount contributes Paramount+, its subscription streaming platform, as well as Pluto TV, its free, ad-supported streaming service.
Warner Bros. Discovery brings HBO Max and Discovery+, giving the combined company multiple subscription and advertising-supported digital platforms.
The deal will also unite two major news operations: CBS News on the Paramount side and CNN under Warner Bros. Discovery.
Gaming operations
The companies' gaming assets will add another dimension to the combined portfolio.
Paramount's gaming operations include Paramount Games Studio, comprising the combined Skydance New Media and Skydance Interactive businesses.
Warner Bros. Discovery brings Warner Bros. Games and several established development studios, including Warner Bros. Games Montreal, Avalanche, NetherRealm Studios, Rocksteady and TT Games.
These operations give the merged company interests extending beyond traditional film and television into interactive entertainment and video games.
The combined portfolio
The resulting company will therefore control an unusually diverse collection of entertainment properties — from blockbuster film franchises and scripted television to children's programming, reality shows, news networks, streaming platforms and video games.
The portfolio stretches from Harry Potter and Game of Thrones to Yellowstone and Star Trek, and from SpongeBob SquarePants and Nickelodeon to CNN, CBS News, HBO and Discovery's lifestyle networks.
The merger's completion will mark the joining of two already expansive media businesses, creating a company with a formidable collection of brands and intellectual property across virtually every major segment of the entertainment industry.
Selected assets of the combined Paramount-Warner Bros. Discovery company
Major franchises and intellectual property
Paramount: Yellowstone; Mission: Impossible; Top Gun; Transformers; Teenage Mutant Ninja Turtles; Dora the Explorer; Paw Patrol; South Park; Star Trek; The Godfather; SpongeBob SquarePants; Avatar: The Last Airbender.
Warner Bros. Discovery: Harry Potter; The Lord of the Rings; DC Universe; Game of Thrones; Dune distribution rights; Friends; Mortal Kombat; Looney Tunes; The Matrix; Tournament of Champions; Chopped; Home Town; House Hunters; 90 Day Fiancé.
Film and television studios
Paramount: Paramount Pictures; Paramount Television Studios, including MTV Entertainment Studios; CBS Studios; Skydance Media; Paramount Animation.
Warner Bros. Discovery: Warner Bros. Pictures; Warner Bros. Television Studios; New Line Cinema; DC Studios.
Streaming
Paramount: Paramount+; Pluto TV.
Warner Bros. Discovery: HBO Max; Discovery+.
News
Paramount: CBS News.
Warner Bros. Discovery: CNN.
Gaming
Paramount: Paramount Games Studio, comprising Skydance New Media and Skydance Interactive.
Warner Bros. Discovery: Warner Bros. Games; Warner Bros. Games Montreal; Avalanche; NetherRealm Studios; Rocksteady; TT Games.