Paramount Skydance Acquires Warner Bros. Discovery
September 30, 2026
Paramount Skydance agreed to acquire Warner Bros. Discovery in an all-cash merger valued at approximately $110 billion, bringing together major film studios, television networks, streaming services and content libraries. The combination is intended to create a larger media company with greater capacity to compete with scaled streaming and technology companies and invest in content. As of September 30, the companies expected to close on October 6, subject to customary closing conditions.
- Targets
- Warner Bros. Discovery, Inc.
- Industry
- Media & Entertainment
- Location
- New York, United States
- Transaction Type
- Buyout
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Related Acquisitions
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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.
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Paramount Skydance Acquires Warner Bros. Discovery
June 26, 2026
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Paramount Skydance Corporation acquired Warner Bros. Discovery, Inc. The acquisition was completed on October 6, 2026; Paramount’s related tender and exchange offers for WBD-issued notes were made in connection with the acquisition.
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Warner Bros. Discovery stockholders approve merger with Paramount Skydance
April 23, 2026
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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.
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Paramount Global to Merge with Warner Bros. Discovery in Definitive Deal
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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.
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Paramount Acquires Warner Bros. Discovery
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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.
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Paramount Skydance launches all-cash tender offer to acquire Warner Bros. Discovery
December 8, 2025
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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.
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