Paramount's hard-fought takeover of Warner Bros. Discovery closed Tuesday. Here's how we got here

The Paramount Studios in Los Angeles, California, Nov. 9, 2025.Ethan Swope | Bloomberg | Getty ImagesIt's been just over a year since Paramount Skydance set out to buy one of Hollywood's most iconic institutions. After repeated rejections, a subsequent bidding war, a series of regulatory approvals, an antitrust challenge by state attorneys general and a timely settlement, the David Ellison-run company completed its acquisition of Warner Bros. Discovery on Tuesday.The combined company, what amounts to one of the largest media conglomerates in history, is newly named Skydance and trades under the ticker symbol "SKYD." It brings together two of the most storied film studios and nearly one-third of basic cable programming. Here's a timeline of key events in Paramount's pursuit of WBD:The foundation is laidCompetition brewsStock Chart IconStock chart iconWBD shares since announcing its intention to split, ultimately kicking off a sale process.Deals get doneSecuring regulatory approval June 12, 2026: The Department of Justice approves the Paramount-WBD merger, a crucial step in winning full regulatory approval for the deal, which is valued at an estimated $110 billion on an enterprise ba...