Netflix to Acquire Warner Bros. (Studio and Streaming Businesses) in $82.7B Deal

Paramount Skydance to Acquire Warner Bros. Discovery for $31 per Share in All-Cash Deal

February 27, 2026

Media & Entertainment

Paramount Skydance said Warner Bros. Discovery’s board has deemed its $31 per share all-cash offer a “Company Superior Proposal” under WBD’s existing merger agreement with Netflix. The proposed transaction would have Paramount acquire 100% of Warner Bros. Discovery for cash, with deal terms including termination and regulatory fees and a match/definitive agreement process ahead of closing.

Discovery and AT&T Close WarnerMedia Transaction to Form Warner Bros. Discovery

April 8, 2022

Media & Entertainment

Discovery and AT&T closed their transaction combining WarnerMedia with Discovery in a Reverse Morris Trust structure. The result is Warner Bros. Discovery, Inc., which began trading on Nasdaq under the ticker “WBD” on April 11, with AT&T shareholders receiving about 71% of the new company on a fully diluted basis.

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 Acquires 75% Stake in The CW from Warner Bros. Discovery and Paramount Global

October 3, 2022

Media & Entertainment

Nexstar Media Group has closed its previously announced acquisition of a 75% ownership interest in The CW Network, LLC from co-owners Warner Bros. Discovery and Paramount Global, which will each retain a 12.5% stake. Nexstar named Dennis Miller President of The CW and will pursue integration of the network with its broadcast and digital assets to expand distribution and advertising opportunities.

Amazon to Acquire MGM for $8.45 Billion

May 26, 2021

Media & Entertainment

Amazon and MGM have entered into a definitive merger agreement under which Amazon will acquire MGM for $8.45 billion. The deal is intended to complement Amazon Studios’ focus on TV programming by expanding MGM’s deep film and television catalog and IP.

Microsoft to Acquire Activision Blizzard for $68.7 Billion

January 18, 2022

Media & Entertainment

Microsoft Corporation announced plans to acquire Activision Blizzard, Inc. in an all-cash transaction valued at $68.7 billion (at $95.00 per share). The deal, which will bring Activision Blizzard’s franchises and nearly 10,000 employees into Microsoft Gaming, is intended to accelerate growth across mobile, PC, console and cloud gaming and bolster Microsoft’s Game Pass offering.