Paramount Skydance to Acquire Warner Bros. Discovery in $81 Billion Definitive Merger Agreement

summarizeSummary

Paramount Skydance has entered into a definitive agreement to acquire Warner Bros. Discovery for $31.00 per share in cash, an $81 billion equity value transaction, terminating the prior tender offer.

check_boxKey Events

• Definitive Merger Agreement Signed

  Paramount Skydance Corporation will acquire Warner Bros. Discovery, Inc. for $31.00 per share in cash.

• $81 Billion Equity Value Transaction

  The acquisition values Warner Bros. Discovery at an equity value of $81 billion and an enterprise value of $110 billion.

• Prior Tender Offer Terminated

  The previous tender offer by Paramount Skydance for WBD shares has been terminated concurrently with the execution of the definitive merger agreement.

• Board Approval and Expected Close

  The transaction has been unanimously approved by both companies' Boards of Directors and is expected to close in Q3 2026, pending regulatory clearances and WBD shareholder approval.

auto_awesomeAnalysis

This filing announces a definitive merger agreement where Paramount Skydance Corporation will acquire Warner Bros. Discovery, Inc. for $31.00 per share in cash, valuing WBD at an equity value of $81 billion. This marks the culmination of previous tender offers and proposals, transitioning to a binding agreement. The transaction, unanimously approved by both boards, is expected to close in Q3 2026, subject to customary closing conditions including regulatory clearances and WBD shareholder approval. This is a transformational event for Warner Bros. Discovery shareholders, as the company will cease to exist as an independent publicly traded entity, receiving a significant cash premium.