Paramount-Warner Bros merger set to close in weeks, putting Yellowstone and Harry Potter under one roof

Yellowstone is moving in with Harry Potter.

David Ellison told employees he expects the Paramount-Warner Bros merger to close in about two weeks, following settlement of a 12-state antitrust lawsuit that sought to block the deal, according to Variety. The date matters. On 22 September 2026, that timetable puts one of the largest Hollywood combinations within days of completion.

Paramount won its bid to acquire Warner Bros. Discovery, Variety reported on the same day. The prize is scale. The merged Paramount-Warner Bros company will control film and television studios on both sides of the deal.

On the Paramount side, that means Paramount Pictures, CBS Studios and Skydance Media. On the Warner Bros. Discovery side, it means Warner Bros. Pictures, Warner Bros. Television Studios, New Line Cinema and DC Studios. Studios are the factories. They make and own the shows and films.

The franchise list tells the story for viewers. Paramount brings Yellowstone and Mission: Impossible. Warner Bros. Discovery brings Harry Potter, the DC Universe and Game of Thrones. “Top Gun” was also named among the franchises that would sit under Paramount Skydance control in a combined company, the Associated Press reported in April.

Streaming is the next pillar. The merged company is set to own HBO Max and Paramount+, plus Pluto TV and Discovery+. Pluto TV is a free, ad-supported streaming service that offers live-style channels alongside on-demand titles. Discovery+ is a subscription streaming service built around unscripted series.

Traditional television is still in the package. The merged company is set to own linear networks, meaning live TV channels delivered by cable, satellite and aerial, including CBS from Paramount and CNN, HBO, HGTV and Food Network from Warner Bros. Discovery. News sits inside that group too, with CBS News from Paramount and CNN from Warner Bros. Discovery under the same owner.

Movies will test the combination first. Paramount and Warner Bros. are set to release 36 films combined in 2027, Deadline reported. That is a full-year slate. It covers cinemas before any streaming window, meaning the period when a film plays only in theatres.

There is recent history behind the speed. Paramount was bought by Skydance just last year, PBS reported in April. That deal created the Paramount Skydance now absorbing Warner Bros. Discovery.

For fans, this means fewer separate homes for big titles. A western saga, a spy franchise, wizards, superheroes and dragons will answer to one company, along with the channels and apps that show them. Crews, writers’ rooms and release calendars now wait on a closing expected within weeks.