Warner Bros. Discovery stockholders approve merger with Paramount Skydance

Paramount Skydance Acquires Warner Bros. Discovery

September 30, 2026

Media & Entertainment

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.

Paramount Skydance Acquires Warner Bros. Discovery

June 26, 2026

Media & Entertainment

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.

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).