Paramount Skydance and Warner Bros. Discovery expect their merger to close on October 6, 2026, subject to customary closing conditions. The deal is valued at approximately $110 billion.
The announcement follows a federal judge’s approval of an antitrust settlement with multiple state attorneys general, removing the final legal obstacle to the merger.
The combined company would bring together Warner Bros. and Paramount film studios, HBO Max and Paramount+, and news divisions including CNN and CBS News. Upon closing, Warner Bros. Discovery shareholders are set to receive approximately $31.016 per share in cash.