---
schema_version: "secwatch.filing_event.v1"
accession: "0001437107-26-000018"
form_type: "8-K"
ticker: "WBD"
cik: "0001437107"
company_name: "Warner Bros. Discovery, Inc."
filed_at: "2026-02-27T23:59:59+00:00"
generated_at: "2026-05-15T23:01:47.000617+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# WBD to be acquired by Paramount Skydance for $31.00 per share in cash; prior Netflix merger terminated

## Summary
- All-cash deal: $31.00 per share plus ticking consideration of $0.00277778/day after Sept 30, 2026 (max $0.25/90 days).
- PIPE financing: Ellison parties commit up to $46.72B, RedBird $250M; no financing condition for closing.
- Termination of prior Netflix merger (Jan 19, 2026); WBD pays a Netflix termination fee (undisclosed amount).
- Company termination fee $3B if WBD accepts a superior proposal; regulatory termination fee $7B if antitrust blocks.
- Closing conditional on WBD stockholder approval and regulatory clearances; boards unanimously approved.

## SEC filing metadata
- accession: 0001437107-26-000018
- form_type: 8-K
- ticker: WBD
- cik: 0001437107
- company_name: Warner Bros. Discovery, Inc.
- filed_at: 2026-02-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/0001437107-26-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437107-26-000018
- JSON: https://secwatch.observer/filing/0001437107-26-000018.json
- Plain text: https://secwatch.observer/filing/0001437107-26-000018.txt

## Key facts
- Material Agreements
  Warner Bros. Discovery, Inc. entered into Agreement and Plan of Merger with Paramount Skydance Corporation (effective 2026-02-27).
  - Action: entry
  - Agreement: merger
  - Counterparty: Paramount Skydance Corporation
  - 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/0001437107-26-000018-index.htm

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