Paramount Skydance clinches $111B WBD deal as Netflix exits

What to Know:

• Paramount Skydance to acquire WBD for $111B, surpassing Netflix’s bid.
• Netflix bows out as Paramount Skydance clinches $111B Warner Bros. Discovery.

Paramount Skydance agreed to acquire Warner Bros. Discovery in a transaction valued at roughly $111 billion after months of negotiations, subject to regulatory review, as reported by Reuters. The deal was signed Friday morning, underscoring an accelerated endgame to a protracted bidding contest.

The agreement is set to reshape studio power dynamics and streaming reach if approved. Execution risk remains material given antitrust scrutiny and integration complexity across film, TV, sports, and news operations.

The winning proposal followed a months-long bidding race in which Netflix stepped back. Netflix declined to match Paramount Skydance’s $31-per-share offer for WBD, according to CBS News.

Paramount Skydance now moves to align overlapping content pipelines and distribution while avoiding prolonged uncertainty that could erode asset performance. Closing will depend on regulatory processes in multiple jurisdictions, and no timetable has been finalized in disclosures available here.

What it means now for streaming, news, and investors

If cleared, the combination could consolidate premium libraries and franchises under one roof, which may streamline user experience but also reduce head-to-head rivalry in select genres. Pricing, bundling, and licensing strategies could be reevaluated to prioritize profitability over pure subscriber growth.

Regulatory and political scrutiny has begun to intensify. “This is not a done deal,” said California Attorney General Rob Bonta, who announced an antitrust investigation and flagged risks to competition and consumer choice, according to Business Insider.

At the time of this writing, WBD shares traded at $28.18, down 2.15% intraday, based on data from Yahoo Finance. Share moves may remain volatile as investors handicap approval odds, synergy potential, and balance-sheet implications.

Deal terms: $31 per share and key conditions

The agreement values WBD at $31 per share, a price point highlighted during the bidding finale, as reported by The Guardian. That per-share figure implies an enterprise value near $111 billion when paired with the headline valuation discussed in public reports.

Completion remains contingent on customary antitrust and other regulatory approvals. Until clearances are secured, integration plans, asset rationalization, and any portfolio adjustments remain preliminary and subject to change.