Warner Bros. Discovery and Paramount have officially struck a $110 billion deal.
The agreement follows Netflix pulling out of its long-running bidding war against Paramount after WBD stated the studio’s most recent offer was better than the streamer’s. Despite being allowed to make a counteroffer, Netflix ultimately decided that it wouldn’t make sense to raise the stakes even more, allowing Paramount to emerge victorious.
The final offer has received approval from both Paramount and WBD’s boards of directors. The deal is projected to be finalized in the third quarter of 2026, pending standard closing requirements, such as regulatory approvals and a shareholder vote that will take place within the next few months.
In a new press release, Warner Bros. confirmed that it has signed a definitive agreement to merge with Paramount. The statement announced that the two companies would be supporting creative talent across the world and continuing to grow their already-massive library for their consumers.
Paramount’s acquisition of Warner Bros. is expected to unite leading film and TV studios, as well as streaming and linear platforms, expanding its reach and building its intellectual property portfolio. The merged entity would own major franchises such as Game of Thrones, Mission: Impossible, Harry Potter, Top Gun, and the DC Universe.
David Ellison, Paramount’s chairman and CEO, and David Zaslav, president and CEO of Warner Bros. Discovery, have also issued their own statements. The former expressed his excitement about the merger’s future. He explained that bringing together the studios, streaming services, and creative teams would enhance the experiences of audiences, partners and shareholders.
From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company. By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn’t be more excited for what’s ahead.
Zaslav said the agreement delivers significant value for shareholders and represents a pivotal moment for the entertainment industry. He added that the company’s focus throughout negotiations was on maximizing the worth of its assets and that it plans to work closely with Paramount to finalize the transaction.
I’m very pleased with the outcome we achieved for WBD shareholders and the entertainment industry. Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors. We look forward to working with Paramount to complete this historic transaction.