Frank Rondel
Paramount Skydance has reached an agreement to acquire Warner Bros. Discovery in a transaction valued at approximately $110 billion, the companies confirmed Friday, reports customreceipt.com via Paramount press release. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of Warner Bros. Discovery (WBD), creating what executives describe as “innovative and compelling storytelling opportunities across the combined company’s best-in-class film and television studios, streaming, and linear platforms.”
The boards of directors from both companies have unanimously approved the deal, which is expected to close in the third quarter of 2026. Completion of the merger remains contingent on customary closing conditions, including regulatory approvals and a shareholder vote at WBD anticipated in early spring 2026. Paramount first launched a hostile takeover bid for Warner Bros. Discovery in December 2025, shortly after Netflix struck a deal to acquire a significant portion of the media conglomerate.
Earlier this week, Netflix confirmed that it would not raise its offer to compete with Paramount’s bid. In an SEC filing Friday, the streaming giant acknowledged receipt of a $2.8 billion termination fee owed under the original agreement. Netflix stated that while the initial transaction had promised shareholder value and regulatory feasibility, matching Paramount Skydance’s latest offer would no longer be financially compelling.
Warner Bros. Discovery, parent company of brands including CNN, HGTV, Food Network, HBO, and HBO Max, had announced in June 2025 plans to split into two publicly traded companies: a streaming and studios division and a global networks division. The streaming and studios arm includes Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, while the global networks division comprises entertainment, sports, and news channels along with digital products.
Paramount’s hostile bid represented an appeal directly to Warner Bros. Discovery shareholders, attempting to override the preferences of management and secure control of the media empire. The bidding battle highlights the ongoing consolidation trends in the media industry, following intense competition between Netflix, Paramount, and Comcast over strategic acquisitions of premium content and streaming assets.
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