Paramount to Acquire Warner Bros. Discovery in $31-Per-Share All-Cash Deal

Paramount, owned by David Ellison’s Skydance, will acquire Warner Bros. Discovery. The Warner Bros. Discovery board designated Paramount’s revised all-cash offer of $31 per share as a superior proposal.

Netflix withdrew from the bidding war after declining to counter the offer during a four-day window. Netflix leadership stated the transaction was no longer financially attractive at the required valuation.

The acquisition consolidates Warner Bros. studios, HBO, CNN, and Discovery assets into a single media powerhouse. Paramount will also cover the $2.8 billion termination fee WBD owes to Netflix.