Warner Bros. Discovery (WBD) has formally agreed to sell itself to Paramount Skydance in a massive $110 billion deal, with shareholders set to receive $31 per share in cash. The companies announced their definitive agreement on Friday, ending months of speculation, boardroom negotiations, and a tense bidding war.
The acquisition marks one of the largest media mergers in recent history and reshapes the global entertainment landscape.
The deal closes the door on WBD’s previous arrangement with Netflix, which had been in talks to acquire key assets from the company. However, after Paramount Skydance, backed by media executive David Ellison submitted a superior all-cash offer, WBD’s board determined it was financially stronger and more attractive to shareholders.
Netflix reportedly had four days to match the $31-per-share bid but declined almost immediately, stating that matching the offer would no longer be financially viable. With that, the streaming giant exited the race, clearing the path for Paramount’s victory.
Upon completion, the merger will unite two historic entertainment libraries under one roof. Warner Bros. Discovery brings iconic film and television assets along with its streaming platform, HBO Max. Paramount Skydance adds Paramount Pictures, CBS, and its streaming arm, Paramount+.
Despite the formal agreement, the deal is not yet complete. It must still pass regulatory review and receive shareholder approval. Given the size of the merger and the consolidation of major studios, antitrust scrutiny is expected.
If approved, the transaction is projected to close later in 2026.









