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

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

December 5, 2025

Media & Entertainment

Netflix announced plans to acquire Warner Bros. in a transformative $82.7 billion enterprise value deal ($72 billion equity value). The transaction follows Warner Bros. Discovery’s separation of its Global Networks division (“Discovery Global”), which is expected to be completed in Q3 2026, and Netflix’s acquisition is expected to close 12–18 months after that separation and required regulatory approvals.

Skydance Media and RedBird Complete Merger with Paramount Global to Create Paramount, a Skydance Corporation

August 7, 2025

Media & Entertainment

Skydance Media, supported by investor RedBird Capital Partners and an investor group, completed a merger with Paramount Global to form a standalone public company, Paramount, a Skydance Corporation (Nasdaq: PSKY). The transaction combines Paramount's content library and distribution network with Skydance's production and technology capabilities, with a focus on capturing synergies across studios, direct-to-consumer streaming and TV media.

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.

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.

Paramount Skydance Acquires The Free Press

October 6, 2025

Media & Entertainment

Paramount Skydance has acquired The Free Press, the digital media outlet founded by Bari Weiss, in a stock-and-cash deal reported to value the outlet at roughly $150 million. Bari Weiss will remain CEO and editor‑in‑chief of The Free Press and will also take on the role of editor‑in‑chief at CBS News, reporting directly to Paramount Skydance chair and CEO David Ellison.

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.