Overview
- Netflix said it would not match Paramount Skydance’s revised bid after Warner Bros. Discovery’s board designated it a superior proposal, ending Netflix’s pursuit.
- Paramount’s offer includes $31 per WBD share in cash, a $0.25‑per‑share quarterly payment if closing slips past September 30, 2026, coverage of the $2.8 billion breakup fee owed to Netflix, and a $7 billion regulatory failure commitment.
- The transaction is valued at roughly $110–111 billion including debt and was approved by both companies’ boards, with the parties guiding to a potential close in the third quarter of 2026 subject to approvals.
- Unlike Netflix’s earlier deal for studio and streaming assets, Paramount is acquiring the entire company, including cable networks such as CNN, TNT, TBS and Discovery channels, along with HBO/Max and Warner Bros. studios.
- Financing is backed in large part by Larry Ellison as David Ellison leads Paramount Skydance, and regulators and political figures in the U.S. are expected to scrutinize the consolidation closely.