Paramount Skydance Set to Acquire Warner Bros. Discovery in $111 Billion Deal
Paramount Skydance is on the verge of acquiring Warner Bros. Discovery in a $111 billion deal, pending approval from WBD shareholders at a special meeting scheduled for April 23, 2026. The merger would grant Paramount Skydance control over Warner Bros. Discovery's extensive portfolio, which includes HBO, Warner Bros.'s movie and TV studios, and other popular brands. The WBD board has recommended that shareholders vote in favor of the merger, with the deal expected to close in the third quarter of 2026, subject to regulatory approvals.
The proposed merger between Paramount Skydance and Warner Bros. Discovery has received unanimous approval from both companies' boards. Shareholders of record as of March 20, 2026, are eligible to vote on the deal, which offers WBD shareholders $31.00 per share in cash. The transaction, if completed, would see Paramount assuming $33 billion of WBD's debt, resulting in a combined entity with an estimated $79 billion in long-term debt. The deal also includes provisions for a "ticking fee" to be paid to WBD shareholders if the transaction is not finalized by a specified date.
David Zaslav, the president and CEO of Warner Bros. Discovery, expressed optimism about the merger and its potential benefits for stakeholders. He highlighted the collaborative efforts between the two companies to unlock the full value of their assets and create new opportunities for creative talent. Zaslav, along with other senior executives at WBD, stands to receive substantial payouts as part of the deal, including cash severance payments and stock awards.
Financial advisers and legal counsel from prominent firms are involved in facilitating the Paramount-WBD merger, ensuring a smooth transition and compliance with regulatory requirements. The transaction marks a significant milestone for both companies, signaling a strategic move to enhance consumer choice and drive growth in the entertainment industry. As the merger progresses towards completion, stakeholders are eagerly anticipating the positive outcomes that the combined entity will bring to the market.