Paramount Skydance announced on March 2 2026 that it had signed a definitive agreement to acquire Warner Bros. Discovery for $31 per share, valuing the company at $110 billion. The offer supersedes a $27.75‑per‑share bid from Netflix that was withdrawn on February 26 2026.
The transaction will merge Paramount’s Paramount+ with Warner Bros. Discovery’s HBO Max into a single streaming platform that will serve more than 200 million direct‑to‑consumer subscribers. The combined service will also bring together the two companies’ content libraries, which include franchises such as Harry Potter, Lord of the Rings, DC, Game of Thrones, and Star Trek.
In addition to the streaming assets, the deal will combine Paramount’s CBS, MTV, and other cable properties with Warner Bros. Discovery’s CNN, TBS, and TNT, creating a diversified linear portfolio while keeping the studios and streaming businesses as a single growth engine.
Paramount expects to realize over $6 billion in cost synergies from technology integration, corporate efficiencies, and operational streamlining. The acquisition is financed with a $54 billion bridge loan and a $3.5 billion revolver, leaving the pro‑forma net debt at roughly $79 billion at closing.
The parties anticipate regulatory approval and a shareholder vote in early spring 2026, with the transaction expected to close in the third quarter of 2026.
The deal positions the combined entity to compete more aggressively with Netflix, Disney, and Amazon Prime Video, leveraging a vast library of intellectual property and a larger subscriber base to drive growth and scale.
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