---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-021911"
form_type: "8-K"
ticker: "PSKY"
cik: "0002041610"
company_name: "Paramount Skydance Corp"
filed_at: "2026-03-02T23:59:59+00:00"
generated_at: "2026-05-15T22:52:16.450907+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-021911
- form_type: 8-K
- ticker: PSKY
- cik: 0002041610
- company_name: Paramount Skydance Corp
- filed_at: 2026-03-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2041610/000110465926021911/0001104659-26-021911-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2041610/000110465926021911/tm2533570d75_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-021911
- JSON: https://secwatch.observer/filing/0001104659-26-021911.json
- Plain text: https://secwatch.observer/filing/0001104659-26-021911.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/2041610/000110465926021911/0001104659-26-021911-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.