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.

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