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Employees at the newly merged Paramount Skydance, formed from Paramount and Warner Bros. Discovery, were told this week they must return to the office five days a week. Those unwilling to comply can instead accept a severance package of two weeks' pay per year of service, with a decision deadline of 8 p.m. PT on November 8. HR told staff the buyout is a one-time offer and no further programs are planned.
Skydance, the studio created by the recently closed $111 billion merger of Paramount and Warner Bros. Discovery, has told employees they must return to the office five days a week. The company is also offering voluntary buyout packages to certain staff.
Skydance CEO David Ellison and co-CEO Ynon Kreiz told staff in an Oct. 26 memo that the company is launching a Voluntary Buyout Program for eligible employees as it merges Paramount and Warner Bros. Discovery. The same memo imposes a mandatory five-day-a-week in-office policy companywide, with layoffs still expected as Skydance pursues over $6 billion in annualized cost savings within three years.
Elon Musk has reportedly put $1 billion into Warner Bros. Discovery, the parent company of HBO, which is slated to air a documentary about him directed by Alex Gibney. Gibney has said he was assured the film would air on HBO despite the subject matter.
Elon Musk has put roughly $1 billion into Skydance, the newly merged media company, according to a Semafor report. The investment followed Paramount's $110 billion acquisition of Warner Bros. Discovery and came alongside equity contributions from other investors, including board member Laurene Powell Jobs. Skydance, led by co-CEOs David Ellison and Ynon Kreiz, has pledged to cut $6 billion in costs over three years.
Netflix confirmed it is laying off close to 1,000 employees, about 6% of its 16,000-person staff, with most cuts concentrated in product, technology, legal and human resources. Co-CEOs Ted Sarandos and Greg Peters told staff in an internal memo, first reported by The Wall Street Journal, that the company must be disciplined about prioritizing people and resources, while maintaining it remains on track to meet its full-year financial forecast.
Discovery+ has increased its ad-free plan from $10 to $12 per month and its ad-supported tier from $6 to $7, effective immediately for new subscribers. Existing subscribers will see the new rates applied starting with bills issued on or after November 12, following a 30-day notice period.
Discovery+ has increased its monthly subscription prices, with the ad-free plan rising from $10 to $12 and the ad-supported tier from $6 to $7. New subscribers face the higher prices immediately, while existing customers will get 30 days' notice, with new billing starting November 12. The increase comes about a week after Paramount Skydance completed its acquisition of Warner Bros. Discovery, Discovery+'s parent company.
Discovery Plus is increasing its subscription costs, with the ad-supported plan rising from $5.99 to $6.99 per month and the ad-free tier going from $9.99 to $11.99 per month. New subscribers will see the higher prices immediately, while current subscribers will be charged the new rates on or after November 12th. This marks the platform's first price hike since January 2025.
The Skydance-Paramount merger with Warner Bros. Discovery officially closed, creating a combined entertainment company that will operate under the Skydance name. The deal, led by David Ellison, consolidates two storied Hollywood studios—Paramount and Warner Bros.—under new ownership tied to Oracle co-founder Larry Ellison's family.
Workers in Burbank installed a small line of text beneath the Warner Bros. logo on the studio's water tower, signaling the company's new ownership by Paramount Skydance following an $81 billion deal. The rebranding is currently understated, focusing on consolidating Warner Bros., Paramount+, and related networks under a unified corporate family.
Skydance-owned Paramount has completed its $81 billion purchase of Warner Bros. Discovery, a deal valued at $111 billion including debt. The combined company now holds a broad portfolio spanning film franchises, television networks including CNN, and streaming services such as HBO Max.