Warner Bros. Discovery
Paramount secures Warner Bros. Discovery in $110 billion deal
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Paramount Skydance has finalized a $110 billion agreement to acquire Warner Bros. Discovery, outbidding Netflix after months of competition. The deal, valued at $31 per share, includes commitments to theatrical releases but faces immediate antitrust scrutiny from state attorneys general. Netflix received a $2.8 billion termination fee upon walking away from its prior bid.
Following the late February announcement of the $110-111 billion Paramount-Warner Bros. Discovery merger, Paramount CEO David Ellison addressed about 200 top Warner Bros. executives on March 10, 2026, at the Burbank studio lot. He outlined ambitions like increased theatrical releases and saluted CNN staff, while legal restrictions limited detailed strategy talks. Attendees called the session perfunctory, with concerns over cost savings and layoffs persisting.
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Paramount and Warner Bros. Discovery have announced a $111 billion megamerger that could create a dominant TV studio operation. The deal faces potential challenges, including roadblocks to completion. Major cuts may follow if the merger proceeds.
Warner Bros. Discovery's board is set to reject Paramount Skydance's amended hostile takeover bid following a meeting next week, sources say. The decision prioritizes WBD's merger with Netflix amid delays, costs, regulatory hurdles, and investor skepticism despite sweeteners like Larry Ellison's guarantee.
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Warner Bros. Discovery has confirmed receipt of an amended unsolicited tender offer from Paramount Skydance and will carefully review it. The offer, valued at $30 per share, addresses prior concerns but does not increase the monetary bid. This development comes amid WBD's existing agreement to sell assets to Netflix.