The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in Q3 2026.
Paramount Skydance Corporation (Paramount) and Warner Bros. Discovery, Inc. (WBD) announced they have entered into a definitive merger agreement under which Paramount will acquire WBD.
The merger will form “a premier global media and entertainment company, focused on expanding consumer choice and empowering creative talent worldwide”, the companies saidin a joint statement.
As previously stated following Netflix’s stepping away from the bidding war, under the terms of the agreement, Paramount will pay US$31.00 per share in cash for all outstanding shares of WBD.
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders, with a vote expected in the early spring of 2026.
“The merger unlocks innovative and compelling storytelling opportunities across the combined company’s best-in-class film and television studios, streaming and linear platforms. Together, Paramount and WBD will deliver greater choice for consumers through its leading streaming platforms with an exceptional intellectual property portfolio that has produced popular franchises such as Game of Thrones, Mission Impossible, Harry Potter, Top Gun, the DC Universe and SpongeBob SquarePants”, the joint statement reads.
David Ellison, Chairman and CEO of Paramount, said: “From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company. By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn’t be more excited for what’s ahead.”
David Zaslav, President and CEO of Warner Bros. Discovery said: “I’m very pleased with the outcome we achieved for WBD shareholders and the entertainment industry. Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our centuryold studio while delivering as much certainty as possible for our investors. We look forward to working with Paramount to complete this historic transaction.”
