Paramount Skydance to Acquire Warner Bros. Discovery for $31 a Share After Netflix Bows Out

Overview

• Warner Bros. Discovery and Paramount Skydance signed a definitive agreement valuing WBD at roughly $110–111 billion, with $31 per share in cash for the entire company including cable networks such as CNN and Discovery.
• Netflix declined to raise its prior partial-asset offer, and Paramount assumed the $2.8 billion termination fee owed to Netflix, which reporting indicates has been paid.
• Paramount increased its regulatory reverse break fee to $7 billion to bolster protections if approvals are denied.
• Financing includes about $47 billion of new Class B equity at $16.02 per share, fully backed by the Ellison family and RedBird Capital Partners.
• Sources say EU antitrust clearance may be comparatively straightforward, while U.S., UK and California reviews plus EU foreign-subsidy scrutiny of sovereign co-investors remain key hurdles to a potential close later in 2026.