FOR IMMEDIATE RELEASE Paramount Skydance to Acquire Warner Bros. Discovery in $110 Billion All-Cash Deal, Creating Global Media Powerhouse NEWS RELEASE HERE: PARAMOUNT TO ACQUIRE WARNER BROS. DISCOVERY TO FORM NEXT-GENERATION GLOBAL MEDIA AND ENTERTAINMENT COMPANY https://ir.paramount.com/news-releases/news-release-details/paramount-acquire-warner-bros-discovery-f orm-next-generation
FILM USA – February 27, 2026 – Paramount Skydance Corporation (NASDAQ: PSKY) and Warner Bros. Discovery, Inc. (NASDAQ: WBD) announced a definitive merger agreement under which Paramount will acquire WBD for $31.00 per share in cash, valuing the transaction at approximately $110 billion (enterprise value) / $81 billion (equity value). The deal has unanimous Board approval from both companies and is expected to close in Q3 2026, subject to regulatory clearances (U.S. DOJ/FTC, EU, others) and WBD shareholder approval (vote expected early spring 2026). If closing delays past September 30, 2026, WBD shareholders receive a $0.25 per share “ticking fee” (accrued daily per quarter) until completion. Funding is fully committed (~$47B equity from Ellison family/RedBird; $54B debt)—no financing contingencies.