Netflix to Acquire Warner Bros. Discovery in $82.7B Deal

Paramount Skydance Launches $30/Share All-Cash Tender Offer to Acquire Warner Bros. Discovery

February 27, 2026

Media & Entertainment

Paramount Skydance has commenced an unsolicited all-cash tender offer to acquire all outstanding shares of Warner Bros. Discovery for $30.00 per share. WBD’s board later determined that Paramount Skydance’s revised $31.00-per-share proposal is a “Company Superior Proposal” under its merger agreement with Netflix, triggering a four-business-day match period for Netflix’s deal terms.

AT&T Spinoff and Merger of WarnerMedia with Discovery to Form Warner Bros. Discovery

April 8, 2022

Media & Entertainment

AT&T determined to spin off its interest in WarnerMedia to its shareholders, followed by the merger of WarnerMedia with Discovery in an all-stock Reverse Morris Trust transaction. The deal was expected to close in the second quarter of 2022, creating a standalone global entertainment and streaming company, Warner Bros. Discovery (WBD).

Netflix to Acquire Next Games for ~€65 Million

March 2, 2022

Media & Entertainment

Netflix entered into a combination agreement to acquire mobile game developer Next Games via a tender offer for all issued and outstanding shares. Next Games shareholders will receive €2.10 in cash per share, valuing the transaction’s equity at approximately €65 million, with the deal expected to close in Q2 2022 subject to customary conditions.

Nexstar Media Group Acquires 75% Ownership Interest in The CW Network, LLC

October 3, 2022

Media & Entertainment

Nexstar Media Group entered into a definitive agreement to acquire a 75% ownership interest in The CW Network, LLC from Warner Bros. Discovery and Paramount Global. The deal closed shortly thereafter, with Warner Bros. Discovery and Paramount Global retaining 12.5% minority stakes each and continuing to produce original, scripted content for The CW.

Microsoft to Acquire Activision Blizzard

January 18, 2022

Software

Microsoft announced plans to acquire Activision Blizzard in an all-cash transaction valued at $68.7 billion, or $95.00 per share. The deal is expected to close in Microsoft’s fiscal year 2023, subject to regulatory approvals and Activision Blizzard shareholder approval.

Nielsen Holdings To Be Acquired in $16B All-Cash Takeover Led by Evergreen Coast Capital and Brookfield Business Partners

March 29, 2022

Data & Analytics

Nielsen Holdings plc entered into a definitive agreement to be acquired by a private equity consortium led by Evergreen Coast Capital Corporation (affiliate of Elliott Investment Management) and Brookfield Business Partners, along with institutional partners. The deal is an all-cash transaction valued at about $16 billion (approximately $28 per share), subject to shareholder and regulatory approvals and other customary closing conditions.