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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Yes. Paramount’s acquisition of Warner Bros. Discovery closed on October 6, 2026. The “$108 billion” headline refers to Paramount’s initial hostile offer in December 2025, which Paramount valued at $108.4 billion in enterprise value—not the final cash paid to shareholders. At closing, WBD shareholders received $31.01666668 per share, and the combined company was named Skydance.
What Paramount’s $108 billion offer meant
On December 8, 2025, Paramount announced a hostile, all-cash tender offer of $30 per share for all of Warner Bros. Discovery. Paramount described the offer’s enterprise value as $108.4 billion and said it covered WBD’s Global Networks segment as well as the rest of the company. These were the bidder’s announced terms and valuation framing, not an independent appraisal. Paramount’s offer announcement also cited an unaffected WBD share price of $12.54 and characterized the offer as a 139% premium; those figures likewise reflect Paramount’s presentation.
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Enterprise value and per-share consideration are different measures. The $108.4 billion figure was Paramount’s stated enterprise value for the proposed transaction; $30 was the cash amount offered for each WBD share. They should not be treated as interchangeable figures.
How the bid became a completed acquisition
- December 8, 2025: Paramount launched its $30-per-share all-cash hostile tender offer for all of WBD, including Global Networks. Paramount argued that its proposal was superior and more certain; those were the bidder’s claims. The offer announcement sets out its terms.
- February 27, 2026: WBD, Paramount Skydance, and acquisition subsidiary Prince Sub entered into a merger agreement. WBD’s merger proxy filed with the SEC describes consideration of $31 per share in cash, plus an additional amount for closings after September 30, 2026.
- September 30, 2026: The companies said they expected the transaction to close on October 6, subject to customary conditions. For that anticipated closing date, they announced cash consideration of $31.01666668 per share in a joint announcement filed with the SEC.
- October 6, 2026: Skydance announced that the acquisition had closed. WBD shares ceased trading, shareholders received $31.01666668 per share, and the combined company took the name Skydance. The completion announcement confirms those closing details.
What shareholders ultimately received
The initial $30 offer was superseded by the merger agreement’s $31-per-share cash consideration, which included a ticking amount after September 30, 2026. The proxy defined that increase as $0.00277778 per calendar day, subject to the agreement’s cap. The closing announcement reported the final cash amount as $31.01666668 per share.
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That final figure is the reported closing consideration, not a statement of WBD’s market price or a forecast of the combined company’s value. WBD shares ceased trading after the acquisition closed.
How the Netflix proposal fits into the story
Netflix was part of the competing-bid sequence, but it is important not to compare unlike stages or figures. Paramount’s December 2025 offer was a hostile tender offer for all of WBD, including Global Networks. The later definitive agreement provided $31 per share, and the acquisition ultimately closed on those terms with the closing-date increase. The initial $108.4 billion enterprise-value figure is not directly comparable to a per-share offer amount. The Associated Press report on the closing describes the bidding sequence and Netflix’s exit after Paramount raised its offer to $31 per share.
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What changed—and what remains a company plan
Skydance’s completion announcement named Paramount+ and HBO Max among the combined company’s services and said direct-to-consumer services were expected to unify over time. That is a stated plan, not confirmation that the services have already merged.
The same announcement described goals including at least 30 theatrical films a year, more than 180 television shows and series, and over $6 billion in run-rate synergies within three years. These are company targets and output claims, not results demonstrated by the closing itself. Actual results may differ.
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