Warner Bros. Discovery Finalizes $110 Billion Merger with Paramount

Paramount and Warner Bros. Discovery (WBD) have finalized their merger agreement. The two companies announced plans to combine into a large media entity, integrating WBD’s studio, linear channels, streaming service, and gaming operations into Paramount. Initially, WBD agreed to an $83 billion deal with Netflix for part of Warner Bros., but Paramount persisted with a hostile takeover, offering a “superior” deal that Netflix declined to match. Paramount and WBD’s boards have approved the merger, expected to close in the third quarter of 2026 following regulatory and shareholder approvals. Paramount values the acquisition at $110 billion and has paid $2.8 billion owed to Netflix for breaking its agreement. The companies claim the merger will enhance consumer choices with prominent franchises like Game of Thrones and Mission Impossible. If approved, this deal will significantly expand Paramount. Skydance recently acquired Paramount, positioning David Ellison as CEO. Ellison has made changes at CBS News, raising concerns among CNN staff. The merger faces skepticism from lawmakers, such as Sen. Elizabeth Warren, and scrutiny from regulators like California Attorney General Rob Bonta.