On November 9, 2026, Skydance Corporation issued a Shareholder Letter detailing financial results for the third quarter ended September 30, 2026, and outlining the status of its acquisition of Warner Bros. Discovery.
The company reported that for Paramount Skydance (which excludes Warner Bros. Discovery), net earnings were $73 million and adjusted EBITDA was $1.0 billion. This represented a 14% margin on revenue of $7.0 billion, which grew 5% year-over-year. The company stated that Paramount remains on track for the high end of its 2026 profitability outlook at $3.9 billion.
Regarding the combined company, Skydance noted that the acquisition of Warner Bros. Discovery was completed on October 6, 2026. The company is targeting at least $6 billion of annualized run-rate synergies within three years, with progress underway across more than 20 workstreams. Skydance also plans to reduce its net leverage ratio to 3.0x by the end of 2029 to reach investment-grade credit metrics.
In terms of content, Skydance reported that it produced 7 of the top 10 most watched series across linear and streaming. The company is planning to launch a bundled offering of HBO Max and Paramount+ in early 2027. Skydance expects to achieve strong top-line growth in its streaming business in the fourth quarter of 2026 and in 2027, as well as expand margins over that period.
The company outlined a medium-term financial outlook of mid-single-digit annualized revenue growth, mid-20% adjusted EBITDA margins, and more than $10 billion in free cash flow by 2030. It also stated that it expects to transition a meaningful majority of revenue and profit from TV to its streaming and studios businesses.
