Aryeh Bourkoff’s LionTree Has a Stake in Hollywood’s Merger Era
As Hollywood undergoes its most dramatic consolidation wave in decades, boutique advisory firm LionTree has cemented a dual role as adviser and investor that blurs the traditional line between the two. Founded by Aryeh Bourkoff, the firm played a central role in guiding the complex transactions that reshaped the entertainment landscape.
LionTree’s advisory role
Bourkoff’s firm guided Paramount Global through its Skydance Media merger, then acted again as financial adviser when Paramount Skydance moved to acquire Warner Bros. Discovery, a takeover that officially closed on October 6, 2026, the Observer reported. The union brought Paramount, Warner Bros., HBO, CNN and CBS together under Skydance Corporation.
Variety reported in December 2025 that boutique firms dominated Hollywood’s biggest deals throughout the recent consolidation cycle. Quartz reported that the combined company trades on the New York Stock Exchange under the ticker SKYD, with more than 200 million streaming subscribers, roughly $80 billion in debt, a $6 billion synergy target, and a goal of more than $10 billion in free cash flow by 2030, alongside 30 theatrical films a year.
The New York Post reported that the companies hinted at upcoming layoffs toward their cost-cutting targets, while Netflix had originally been lined up as Warner Bros. Discovery’s favored suitor until Paramount’s richer offer prevailed in February 2026. LionTree declined to comment for the Observer piece.
Reflecting on his firm’s philosophy, Aryeh Bourkoff said on the Tim Ferriss Show in 2022, as quoted by the Observer: “It goes back to adaptability… If something has a rigid purpose and you break the purpose, it will die.”
LionTree’s investor role
Moving beyond traditional advisory work, a LionTree-advised investment fund participated directly in the $47 billion equity financing. That backing placed the boutique firm alongside the Ellison family, RedBird Capital Partners, and sovereign wealth funds from Saudi Arabia, Abu Dhabi and Qatar.
The Hollywood Reporter noted in April 2026 that a Paramount Skydance SEC filing confirmed Middle East capital in the financing from Saudi Arabia’s Public Investment Fund, Abu Dhabi’s L’Imad, and a Qatar Investment Authority fund, writing that “LionTree is a newcomer to the deal – publicly, at least.”
The ownership structure
The governance of the new media giant heavily favors its primary backers. The Ellison family and RedBird Capital retained 100 percent of the voting shares in the combined company. All other participating investors, including the sovereign wealth funds and the LionTree-advised fund, received non-voting Class B common stock priced at $12.00 per share. Outgoing Warner Bros. Discovery shareholders received about $31.02 per share in cash.
Other LionTree deals in the merger era
The Skydance transaction is only one component of the firm’s broader footprint. Since its founding in 2012, LionTree has advised on more than 300 transactions worth over $1 trillion across media, telecommunications and technology. Current activity includes serving as the exclusive adviser on the Vox Media and Penske Media deal, as well as exploring a sale alongside Tiny of Tiny’s 60 percent stake in Letterboxd that could fetch more than $300 million.
Key Story Metrics
| Figure | Reported Status |
|---|---|
| Total deal value | roughly $110 billion including debt (Observer; Quartz) |
| Equity financing | $47 billion (Observer; Quartz) |
| Class B share price | $12.00 per share (Observer; Quartz) |
| WBD shareholder payout | about $31.02 per share in cash (Quartz; NYP) |
| LionTree track record | 300+ transactions worth over $1 trillion since 2012 (Observer) |
| Voting control | 100% held by the Ellison family and RedBird (Observer; Quartz; NYP) |
✓ Verified
LionTree advised Paramount Global on its merger with Skydance Media, then served as financial adviser to Paramount Skydance on the Warner Bros. Discovery acquisition, which closed October 6, 2026 (Observer). The deal was valued at roughly $110 billion including debt (Observer; Quartz). A LionTree-advised fund joined the $47 billion equity financing (Observer; Quartz; THR). The Ellison family and RedBird retained 100 percent of the voting shares; other investors received non-voting Class B stock at $12.00 per share (Observer; Quartz; NYP). WBD shareholders received about $31.02 per share in cash (Quartz; NYP). Since 2012, LionTree has advised on 300+ transactions worth over $1 trillion (Observer).
⚠ Still needs confirmation
LionTree’s exact equity commitment is undisclosed; a May regulatory filing showed LionTree Investment Fund, L.P. with nearly $1.57 billion in gross assets (Observer). Headline deal values vary by outlet ($110 billion including debt per Observer and Quartz, $111 billion per THR, $81 billion per the New York Post headline, $70 billion per citybiz), reflecting enterprise-value versus equity-value bases that outlets do not always spell out.
- Observer: Oct 19 2026
- Quartz: Oct 6 2026
- New York Post: Oct 6 2026
- The Hollywood Reporter: Apr 7 2026
- Variety: Dec 31 2025
Editor’s note: Financial figures reflect reporting from multiple outlets as of October 2026; headline deal valuations vary depending on whether debt is included, and LionTree’s exact equity commitment has not been disclosed.
