Paramount Skydance to Close $110 Billion Merger with Warner Bros. Discovery on Oct. 6, 2026

Paramount Skydance Corporation and Warner Bros. Discovery disclosed that the merger contemplated in their February 27, 2026 agreement is slated to close on Oct. 6, 2026, subject to customary closing conditions. At the effective time each share of Warner Bros. Discovery common stock will be converted into cash equal to $31.00 plus a small accrual that brings the total to $31.01666668 if the deal closes on the anticipated date, according to the companies’ joint press release.

The transaction values Warner Bros. Discovery at an enterprise value of $110 billion and will combine Paramount’s studios, direct-to-consumer platforms and sports entertainment assets with Warner Bros. Discovery’s extensive film, television, streaming and sports portfolio. The merged entity will be positioned to compete with leading streaming services and to deliver a minimum of 30 theatrical releases annually, as outlined in the companies’ filing.

The joint announcement from Paramount Skydance and Warner Bros. Discovery states that the anticipated closing date is Oct. 6, 2026 and that each Warner Bros. Discovery share will receive cash of $31.00 plus an additional $0.01666668, resulting in a total of $31.01666668 per share if the deal closes on schedule. The agreement also notes that the merger is subject to customary closing conditions, including regulatory clearances and shareholder approval.

A separate February 27, 2026 release from Paramount details that the deal will acquire Warner Bros. Discovery for an enterprise value of $110 billion. The combined company will unite iconic franchises such as Game of Thrones, Mission Impossible, Harry Potter, the DC Universe and SpongeBob SquarePants, and will hold a broad sports rights portfolio that includes the NFL, Olympics, UFC, PGA Tour and NCAA basketball. The press release emphasizes a commitment to a minimum 45-day theatrical window before paid video-on-demand release, and a continued presence in over 200 countries and territories.

Multiple sources reported that Warner Bros. film chiefs Michael De Luca and Pamela Abdy will not join the new management team after the merger closes. Both Variety and TheWrap cite that the executives learned of their exit through reports rather than a direct call from Paramount’s David Ellison, and that their future with the combined company remains unclear. The reports also note that De Luca and Abdy had re-upped their contracts through 2030 prior to the merger.

The new film unit will be overseen by Paramount Motion Picture co-chairs Josh Greenstein and Dana Goldberg, according to Deadline. In addition, former Mattel CEO Ynon Kreiz has been appointed co-CEO of the combined company, with Ellison focusing on long-term strategy and Kreiz handling day-to-day operations. The leadership plan also includes Casey Bloys potentially heading streaming and Mark Thompson remaining in charge of CNN, though some positions have yet to be confirmed.