Official: Paramount Now Owns Warner Bros. Discovery

Key Takeaways

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Paramount Skydance has acquired Warner Bros. Discovery in a deal valued at over $10 billion, marking the consolidation of two major Hollywood studios.
The new bid includes a $7 billion breakup fee should the merger fail to receive regulatory approval, surpassing Netflixs previous agreed breakup fee.
The acquisition will significantly reshape the video game landscape, with Paramount gaining ownership of Warner Bros. Games and its leading studios like NetherRealm Studios, Rocksteady Studios, and Avalanche Software.
The deal requires regulatory approval and faces potential complexities due to political connections and potential editorial changes at CNN.

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The corporate battle to acquire Warner Bros. Discovery has concluded, with Paramount Skydance emerging as the victor over Netflix in a deal valued at over $10 billion. The events unfolded rapidly, impacting Wall Street and Hollywood. Paramount Skydance increased its buyout bid to $31 per share for Warner Bros. Discovery, also raising its regulatory termination fee to $7 billion and offering shareholders an additional $0.25 per share—totaling $650 million—if the deal doesn’t close by the end of September. Warner Bros. Discovery considered this offer from Paramount. Netflix declined to match Paramount Skydance’s revised bid of $31 per share for Warner Bros. Discovery’s assets. Paramount’s new bid includes a $7 billion breakup fee should the proposed merger fail to receive regulatory approval, a figure that surpasses the $2.8 billion breakup fee Netflix had previously agreed to.

Warner Bros. Discovery’s management released an official statement declaring that Paramount’s offer of $31 per share to acquire the entire company was legally considered a “Superior Proposal” to the agreement signed with Netflix in December. While Netflix sought only Warner’s studio and streaming business, Paramount aims to acquire Warner in full, including networks like CNN and Discovery. Warner’s board would have given Netflix four days to match or adjust its proposal if it considered Paramount’s offer superior. The withdrawal of Netflix allowed for a four-day window to present a counteroffer, but the streaming giant immediately retreated. Netflix stated that, because it only intended to acquire the movie studios and HBO Max service and did not want to take on traditional TV channels, the deal no longer held financial appeal at the new values required to outbid Paramount. With Netflix out of the picture, Paramount Skydance, led by CEO David Ellison, is positioned to fully absorb Warner, uniting two of the last five major Hollywood studios. This acquisition of Warner Bros. Discovery will also significantly reshape the video game landscape. Paramount will become the owner of Warner Bros. Games and its leading studios, including:

Merger Alert: Paramount Acquires Major Franchises from Warner Bros. Discovery – Regulatory Approval Awaited

NetherRealm Studios: Creators of the Mortal Kombat franchise. Rocksteady Studios: The studio behind the Batman Arkham saga. Avalanche Software: Developer of Hogwarts Legacy. The deal still requires scrutiny from regulatory bodies and must comply with antimonopoly laws, a process expected to take several months. The close relationship between President Trump and Larry Ellison, father of Paramount Skydance CEO David Ellison, adds another layer of complexity to the regulatory approval process. Additionally, since its acquisition by Paramount, CBS has undergone significant editorial changes, raising concerns that similar shifts could occur at CNN if Paramount takes over Warner. [Source: Updating…] This acquisition positions Paramount as the owner of major franchises, including Harry Potter, DC Comics, and Game of Thrones, establishing them as a major player in transmedia storytelling.

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