Warner Bros. Discovery in its $110 billion acquisition by Paramount

On February 27, 2026, Warner Bros. Discovery, Inc. (NASDAQ: WBD) and Paramount Skydance Corporation (NASDAQ: PSKY) announced entry into a definitive agreement for Paramount to acquire the entire company, inclusive of both its Streaming & Studios division and its Global Linear Networks division, for $31.00 per share, plus a ticking fee equal to $0.25 per share per quarter beyond September 30, 2026.  The transaction has an enterprise value of approximately $110 billion, one of the largest M&A transactions of the decade and the largest all-cash deal in corporate history.

Entry into the transaction follows the termination of WBD’s previously announced merger agreement with Netflix, Inc. after WBD’s board of directors determined that Paramount’s topping bid was a superior proposal under the terms of its merger agreement with Netflix.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to WBD.