The October 31, 2026, edition of The Wall Street Journal dissected the balance-sheet calculations behind the Skydance–Paramount/Warner Bros. Discovery merger, pointing out that the “media conglomerate’s goodwill alone exceeds its stock-market value.”
However, what the New York-based financial newspaper failed to take into consideration is that revenue is key. Without a significant increase in combined revenue, any plan or strategy will prove useless or unattainable.
To estimate these “ultimate” figures, VideoAge contacted a former top Hollywood studio executive, who said he “would target approximately $75 billion–80 billion in annual revenue by 2029–2030, although,” he warned, “profitability and cash flow matter far more than revenue alone.”
The executive estimated Paramount Skydance’s 2025 annual revenue at $29 billion and Warner Bros. Discovery’s at $37 billion, bringing their combined historical revenue to approximately $66 billion–67 billion. Management’s 2026 projection is $69 billion.
The executive consulted by VideoAge puts the combined 2029–2030 revenue target at $75 billion–80 billion. That, he said, “represents roughly 9–16 percent growth over management’s 2026 projection.”
At $75 billion–80 billion in revenue and a 25 percent EBITDA margin, Skydance could generate approximately $19 billion–20 billion in annual EBITDA, providing substantially greater capacity to service and reduce debt, which includes nearly $6 billion in annual interest expense.
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