Warner Bros. Discovery, Inc.

Money Moves

Being acquired by Paramount Skydance; the merger is set to close October 6, 2026, after a judge approved the 12-state settlement September 30.

A federal judge on September 30 approved a settlement clearing Paramount to close its $110 billion takeover of Warner Bros. Discovery, ending a 12-state antitrust fight. The merger is set to close October 6, with David Ellison and Mattel CEO Ynon Kreiz running the combined company as co-chief executives.

Updated 4 days ago

Money Moves

Being acquired by Paramount; merger on hold during litigation

The Federal Communications Commission approved a plan that lets the sovereign wealth funds of Saudi Arabia, the United Arab Emirates, and Qatar hold nearly half the equity of the company that owns CBS and is buying Warner Bros. Discovery. The investors receive only non-voting shares; the Ellison family keeps full voting control.

Updated 5 days ago

Money Moves

Seller; splitting into Warner Bros. and Discovery Global

On December 5, 2025, Netflix announced a definitive deal to acquire Warner Bros.' film and television studios and streaming businesses, including HBO and HBO Max, valued at $72 billion in equity and $82.7 billion including debt. On January 20, 2026, the parties amended to an all-cash structure at $27.75 per share, with a shareholder vote expected by April 2026.

Updated May 10

Money Moves

Rejecting Paramount Skydance hostile tender offer while reaffirming support for the Netflix agreement; advancing required SEC and antitrust processes.

After Netflix and Warner Bros. Discovery announced their $72 billion equity-value agreement on December 5, the transaction quickly became a live bidding contest and a regulatory test case. On December 8, Paramount Skydance launched an unsolicited all-cash tender offer at $30 per share to derail the Netflix deal and keep WBD intact, including networks slated for its Discovery Global spin-off. Within days, Netflix began a coordinated shareholder push backing its signed merger agreement and emphasizing regulatory execution, while WBD prepared formal filings to respond to the tender offer.

Updated May 9