Warner Bros. Discovery signs merger agreement with Paramount Skydance

Warner Bros. Discovery on Friday formally signed an agreement to be acquired by Paramount Skydance, the two companies announced, setting the stage for one of the most consequential media mergers in recent history

Warner Bros. Discovery on Friday formally signed an agreement to be acquired by Paramount Skydance, the two companies announced, setting the stage for one of the most consequential media mergers in recent history.

The deal was inked just a day after Netflix abruptly announced it was pulling out of the bidding war for Warner Bros. Discovery’s studio and streaming assets, effectively closing the curtains on a corporate battle that had riveted Hollywood.

Paramount Skydance’s offer of $31 a share values WBD at roughly $77 billion and includes the Warner Bros. film studio, the HBO Max streaming platform and a portfolio of cable channels, including CNN. Netflix’s proposal did not include the cable assets.

The takeover bid, factoring in WBD’s debt load, comes to a total of more than $110 billion.

The transaction was unanimously approved by the boards of directors of both media giants, the companies said in a joint news release. The deal is “subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders, with a vote expected in the early spring of 2026.”