Warner Bros. Discovery agreed to be acquired by Paramount Skydance after first weighing a planned separation of Warner Bros. and Discovery Global. WBD shareholders approved the transaction, and Paramount said it had obtained the required regulatory clearances. As of October 3, 2026, the companies expected to close on October 6, subject to customary closing conditions; the sale had not yet closed.
Who is buying Warner Bros. Discovery?
Paramount Skydance is the buyer under a merger agreement dated February 27, 2026. The agreement is between WBD, Paramount and Prince Sub Inc., a wholly owned Paramount subsidiary. Under its terms, Prince Sub merges into WBD, and WBD survives as a wholly owned Paramount subsidiary, according to WBD’s SEC proxy statement.
The proxy records discussions of potential counterparties, including Paramount Skydance and Netflix, as well as other parties. Being discussed or contacted during the sale process is not the same as signing the final agreement: Paramount is the party to the announced merger agreement.
Why did WBD consider a sale instead of a split?
WBD had been planning to separate Warner Bros. from Discovery Global when unsolicited interest prompted its board to review other options. On October 21, 2025, the company said the board would consider continuing with the separation, selling the whole company, or pursuing separate transactions for the two businesses. It gave no definitive timetable and said there was no assurance the review would result in a transaction.
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In that announcement, CEO David Zaslav said the review was intended “to identify the best path forward to unlock the full value of our assets.” The eventual agreement chose a whole-company sale rather than the planned separation. The available transaction record does not establish that the sale would deliver more value than a split would have, or how either option would have affected the businesses independently.
| Option considered | What it meant | What can be concluded |
|---|---|---|
| Planned separation | Separate Warner Bros. and Discovery Global into independent businesses. | WBD said this remained under consideration during the alternatives review; the record does not establish what the independent businesses would have been worth. |
| Whole-company sale | Sell WBD to Paramount through the merger agreement. | This became the signed transaction, subject to its closing conditions. |
| Separate transactions | Consider separate deals for Warner Bros. and Discovery Global. | WBD identified this as an option in its 2025 announcement; it was not the structure of the signed Paramount agreement. |
How did the sale process unfold?
| Date | Milestone | Source and significance |
|---|---|---|
| October 21, 2025 | WBD announced a strategic alternatives review after unsolicited interest. | WBD said the board would assess a separation, a whole-company transaction, or separate transactions for its businesses. |
| February 27, 2026 | WBD, Paramount and Prince Sub entered the merger agreement. | WBD’s SEC proxy statement describes the agreement and sale-process chronology. |
| April 23, 2026 | WBD stockholders approved the transaction at a special meeting. | WBD described the preliminary count as overwhelmingly supportive; final results were subject to certification by the independent election inspector and filing with the SEC. |
| August 14, 2026 | Paramount said required regulatory clearances had been obtained. | Paramount described an eight-month review spanning 68 countries. That geographic scope is Paramount’s reported figure. |
| September 30, 2026 | A federal judge approved Paramount’s settlement with 12 states that had sued over the takeover, and the companies announced an anticipated closing date of October 6. | The Associated Press reported the court ruling. The ruling cleared a path toward closing but did not itself complete the merger. |
| October 3, 2026 | The announced closing date was still in the future. | The latest dated status available here was that closing remained subject to customary conditions. |
The U.S. Department of Justice said its investigation covered both Netflix’s proposed acquisition and Paramount’s competing offer. The DOJ said its investigation lasted eight months and that the parties provided more than two million documents from over 80 custodians. Those figures describe materials received during the DOJ investigation, not all documents in the sale process or all regulatory reviews.
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How much will WBD shareholders get?
Under the companies’ September 30 announcement, WBD common shareholders are to receive $31.00 per share in cash, plus $0.00277778 per share for each calendar day after September 30 through and including the closing date. If the merger closed on the then-anticipated date of October 6, the daily amount would cover six calendar days, or about 1.67 cents per share, in addition to the $31.00. That illustration depends on closing October 6; the announced date was not a completed closing.
Some reports have used larger headline transaction values: the Associated Press described an $81 billion merger on September 30, while Axios called it a $110 billion acquisition in its September reporting. Those figures use different valuation bases and should not be treated as interchangeable with the contractual per-share cash consideration.
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Has the Paramount–Warner Bros. Discovery deal closed?
As of October 3, 2026, it had not. The companies had announced October 6 as their anticipated closing date, subject to customary closing conditions. Shareholder approval, reported regulatory clearances and the judge’s settlement approval were significant steps, but none is the same as the merger being completed. Whether it closed on October 6, and what followed for ownership, employees, viewers, content or competition, was not established by the announcements and reports available by October 3.
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