Warner Bros. Discovery and Paramount Skydance Announce $110 Billion Merger

Warner Bros. Discovery and Paramount Skydance Corporation have agreed to merge in a transaction valued at $110 billion, aiming to establish a premier global media and entertainment company. The deal, announced on February 27, 2026, is expected to close in the third quarter of 2026, pending regulatory approvals and other customary closing conditions.

The merger will combine the extensive portfolios of both companies, including renowned franchises such as 'Game of Thrones,' 'Mission Impossible,' 'Harry Potter,' 'Top Gun,' the DC Universe, and 'SpongeBob SquarePants.' The unified entity plans to invest in world-class studios and focus on attracting and retaining leading creative talent to expand high-quality content offerings across various platforms.

David Ellison, Chairman and CEO of Paramount, expressed satisfaction with the agreement, stating, "We are pleased WBD's Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing."

The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders. The companies anticipate the deal will close in the third quarter of 2026.

The merger is expected to drive long-term growth by investing in and expanding the direct-to-consumer business, leveraging the combined storytelling capabilities to reach broader audiences and compete effectively with leading streaming services. Additionally, the new entity is committed to producing a minimum of 30 theatrical films annually, aiming to deliver exceptional entertainment to audiences and drive job growth across the film and creative industries.

As the media landscape continues to evolve, this merger positions the combined company to compete in the rapidly changing entertainment industry, where storytelling combined with world-class technology expertise will be a crucial driver of value creation across the ecosystem and for shareholders.