Media critic Ben Bagdikian warned in 2004 that five corporations had accumulated “more communications power than was exercised by any despot or dictatorship in history.” More than 20 years later, a major media merger is bringing his warning back into focus.
Paramount’s acquisition of Warner Bros. Discovery in October 2026 created a new company, Skydance Corporation. It now owns CNN and CBS News, Warner Bros. and Paramount Pictures, HBO and Paramount+, along with a sprawling collection of cable networks, live sports and entertainment franchises. The deal is valued at about US$110 billion including debt, and Skydance expects to cut at least $6 billion in costs within three years.
