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

Paramount Skydance Acquires Warner Bros. Discovery, Inc.

October 6, 2026

Media & Entertainment

Paramount Skydance completed its cash acquisition of Warner Bros. Discovery, Inc., combining their film studios, television networks, streaming businesses, news operations, sports rights and content libraries under the Skydance name. The transaction was backed by a broad equity investor group, including the Ellison family, RedBird Capital Partners, sovereign wealth funds, LionTree and Shinsegae Property; the combination is intended to expand scale and competitiveness while generating substantial cost synergies.

Warner Bros. Discovery stockholders approve merger with Paramount Skydance

April 23, 2026

Media & Entertainment

Warner Bros. Discovery announced that its stockholders voted to approve the previously announced transaction with Paramount Skydance at a special meeting held the same day. The transaction remains subject to customary closing conditions and is expected to close in Q3 2026.

Paramount Global to Merge with Warner Bros. Discovery in Definitive Deal

March 24, 2026

Media & Entertainment

Paramount Global and Warner Bros. Discovery have finalized a definitive merger agreement to create a combined media and streaming company with an enterprise value of about $170 billion. The deal is positioned as a scale play to compete with Netflix and other Big Tech ecosystems, leveraging content libraries and technology (including Oracle cloud infrastructure) to build a “must-have” subscription offering.

Paramount Acquires Warner Bros. Discovery

February 27, 2026

Media & Entertainment

Paramount Skydance Corporation agreed to acquire 100% of Warner Bros. Discovery for $31 per share in cash, valuing WBD at approximately $110 billion in enterprise value. The agreement was announced on February 27, 2026, and the acquisition closed on October 6, 2026, combining the companies’ studios, streaming services, and television businesses.

Paramount Skydance launches all-cash tender offer to acquire Warner Bros. Discovery

December 8, 2025

Media & Entertainment

Paramount Skydance commenced an unsolicited all-cash tender offer to acquire all outstanding shares of Warner Bros. Discovery for $30 per share. The offer covers WBD in its entirety (including the Global Networks segment) and is framed by Paramount as a more certain, higher-value alternative to WBD’s existing Netflix transaction.

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).