Paramount Skydance has officially acquired Warner Bros. Discovery in a groundbreaking $110 billion deal, marking a significant shift in the media and entertainment industry. The acquisition, which was announced on February 27, 2026, ends a high-stakes bidding war with Netflix, which walked away from the deal citing Paramount’s “superior” offer of $31 per share. The merged entity will create a media powerhouse, combining iconic brands like CNN, HBO, Nickelodeon, and major franchises such as Harry Potter, Game of Thrones, and the DC Universe.
The deal is expected to close in the third quarter of 2026, pending regulatory approvals and shareholder votes. Paramount’s chairman and CEO, David Ellison, emphasized the merger’s goal of honoring the legacy of both companies while building a next-generation media and entertainment company. The acquisition is seen as a strategic move to bolster Paramount’s streaming efforts, particularly with the potential combination of HBO Max and Paramount.
