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Paramount to Acquire Warner Bros. Discovery in Historic $110 Billion Media Merger

Paramount has announced a definitive agreement to acquire Warner Bros. Discovery in a deal valued at $110 billion in enterprise value. The transaction, approved by both boards, is expected to close in the third quarter of 2026, pending regulatory and shareholder approvals. The merger aims to combine iconic film and television studios, streaming platforms, and intellectual property portfolios. The combined entity seeks to deliver greater consumer choice and innovative storytelling.

Key Points: Paramount Buys Warner Bros. Discovery for $110 Billion

  • $110 billion enterprise value deal
  • Unites franchises like Harry Potter and Game of Thrones
  • Expected to close in Q3 2026
  • Aims to create a next-generation media company
3 min read

Paramount to acquire Warner Bros. Discovery at enterprise value of $110 billion

Paramount agrees to acquire Warner Bros. Discovery, creating a media giant with iconic franchises like Harry Potter and Mission Impossible.

"We will create even greater value for audiences, partners and shareholders - David Ellison"

Los Angeles/New York, February 28

Paramount Skydance Corporation and Warner Bros. Discovery, Inc (WBD have announced they have entered into a definitive merger agreement under which Paramount will acquire WBD.

A premier global media and entertainment company focused on expanding consumer choice and empowering creative talent worldwide would be formed.

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.

Paramount will acquire 100 per cent of WBD for USD 31 per share in cash, plus the "ticking fee", valuing WBD at USD 81 billion in equity value and USD 110 billion in enterprise value, it said in a statement

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.

David Ellison, Chairman and CEO of Paramount, a Skydance Corporation, 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 century-old studio while delivering as much certainty as possible for our investors. We look forward to working with Paramount to complete this historic transaction."

Paramount, a Skydance Corporation is a leading, next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. Paramount's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS - America's most-watched broadcast network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Paramount TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions.

- ANI

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Reader Comments

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Arjun K
Interesting move. Consolidation is the trend globally. But I'm more curious about what this means for content creation. Will we see more crossovers? Harry Potter meets Mission Impossible? That would be something! Hope they don't water down the unique identity of these iconic studios.
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Rohit P
The regulatory approvals will be key, especially in the US and EU. Such a massive merger will definitely face scrutiny. Hope it leads to better and more diverse content for international audiences, including here in India. We need more than just superhero movies.
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Sarah B
As a shareholder (small one!), the $31 per share cash deal seems decent on the surface. But the timeline to close in 2026 is so far away. A lot can change in the media landscape by then. Fingers crossed it goes through smoothly.
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Vikram M
Respectfully, I'm a bit skeptical. These mega-mergers often promise "greater choice" but end up reducing competition and leading to layoffs. The creative talent and employees are the ones who often bear the brunt. Hope the leadership keeps their promises to empower creatives worldwide.
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Kavya N
The IP portfolio is mind-blowing! Game of Thrones, Harry Potter, Mission Impossible, SpongeBob... all under one roof. If they manage this library well and produce quality content, it could be amazing for fans. Just please, no more disappointing endings to great series! 😅

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