Paramount Skydance agrees to buy Warner Bros. Discovery for $31.00 per share cash, backed by Ellison and RedBird.

Paramount Skydance Corp

Merger consideration of $31.00 per WBD share in cash, plus ticking consideration after Sep 30, 2026.
Ellison Trust and RedBird commit up to $46.97B in equity financing via subscription agreements.
WBD termination fee of $3B payable to PSKY; PSKY regulatory termination fee of $7B payable to WBD.
PSKY paid $2.8B to Netflix to terminate prior merger agreement; closing not subject to financing condition.
Closing requires WBD stockholder approval, HSR clearance, and no legal impediment; End Date March 2027.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Paramount Skydance Corp entered into Agreement and Plan of Merger with Warner Bros. Discovery, Inc. (effective 2026-02-27).

Action: entry
Agreement: merger
Counterparty: Warner Bros. Discovery, Inc.
Effective: 2026-02-27

Exact text from the filing

On February 27, 2026, Warner Bros. Discovery, Inc., a Delaware corporation (“WBD”), Paramount Skydance Corporation, a Delaware corporation (“PSKY”), and Prince Sub Inc., a Delaware corporation and wholly owned subsidiary of PSKY (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which and subject to the terms and conditions therein, at the effective time of the Merger (as defined below) (the “Effective Time”), Merger Sub will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY (the “Merger”).

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Source: SEC EDGAR

accession 0001104659-26-021911

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