Paramount’s updated Warner Bros. Discovery bid prevailed, and the acquisition is no longer pending: WBD’s board deemed Paramount’s $31-per-share all-cash proposal superior to its Netflix agreement in February 2026, Netflix withdrew, and Paramount completed the acquisition on October 6, 2026. At closing, shareholders received $31.01666668 per WBD share in cash. [Skydance’s closing announcement]
What was Paramount’s updated bid?
On February 26, 2026, Paramount Skydance Corporation said Warner Bros. Discovery’s board had determined that its revised proposal—$31 per WBD share, all in cash, for 100% of the company—qualified as a “Company Superior Proposal” under WBD’s existing merger agreement with Netflix. That was the offer price during the bidding contest, not the final per-share amount reported at closing. [Paramount’s February 26 announcement]
Key proposed terms
- Price: $31 per WBD share in cash, as announced by Paramount on February 26, 2026.
- Netflix termination fee: Paramount said it would pay the $2.8 billion fee WBD owed Netflix to end their agreement.
- Regulatory termination fee: The proposal included a $7 billion fee in specified circumstances if the transaction failed to obtain regulatory approval.
- Potential debt-exchange cost: The proposal addressed a potential $1.5 billion financing cost associated with WBD’s debt exchange offer.
- Delay payment: A ticking fee of $0.25 per share per quarter was to accrue after September 30, 2026, until closing.
- Financing described by Paramount: The proposal included a $45.7 billion equity commitment from the Ellison Trust, guaranteed by Larry Ellison, and a $57.5 billion debt commitment from Bank of America Merrill Lynch, Citi and Apollo. These were proposal-stage commitments described in Paramount’s announcement, not independently audited closing figures.
Paramount said the proposal could proceed only after WBD’s four-business-day match period expired, WBD terminated its Netflix agreement, and the parties signed a definitive merger agreement. [Paramount’s February 26 announcement]
How did the Netflix agreement give way?
The board’s superior-proposal determination activated the process set out in WBD’s Netflix agreement; it did not, by itself, complete a sale. The parties then moved from the bid contest to a mutual merger agreement. The Associated Press reported that Netflix withdrew after Paramount raised its offer to $31 per share and that Paramount and WBD signed their agreement in late February 2026. [Associated Press report on the deal]
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Paramount chairman and CEO David Ellison described the board’s decision as affirming the “superior value” of Paramount’s offer. That was Paramount’s characterization of its own proposal; the board’s formal finding was that it met the agreement’s “Company Superior Proposal” standard. [Paramount’s February 26 announcement]
What regulatory steps remained?
Regulatory and public-interest decisions were jurisdiction-specific. In the United Kingdom, the Culture Secretary announced on August 6, 2026, that she would not intervene under the relevant public-interest or foreign-state-influence regimes, citing assurances and legally binding commitments from Paramount. The government’s stated concerns included media plurality, children’s programming, editorial independence and news media. Its commitments included preserving distinct editorial identities for specified services, maintaining Channel 5 News’s editorial independence, and continuing Channel 5 as a public-service broadcaster. The UK decision was not a global clearance. [UK government statement, August 6, 2026]
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The Associated Press reported that a federal judge approved Paramount’s settlement with 12 states on September 30, 2026, removing a key obstacle shortly before the expected closing. The judge described the consent decree as a “fair, reasonable, and good faith approach to address the competitive harms” alleged by the states; that wording does not mean the court found the merger harmless. [Associated Press report on the state settlement]
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did Paramount buy Warner Bros. Discovery?
Yes. Skydance announced that the acquisition closed on October 6, 2026, after required regulatory approvals and other customary closing conditions. WBD shareholders received $31.01666668 per share in cash, and WBD shares ceased trading on Nasdaq effective that day. The closing amount is slightly higher than the $31 bid price announced in February; the two figures refer to different stages of the transaction. [Skydance’s closing announcement]
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The combined company is named Skydance. Its announced portfolio brings together Paramount and WBD studios, streaming services, television and cable assets, news networks, sports and content libraries, including CBS, HBO, Paramount+, CNN and TNT Sports. [Skydance’s closing announcement]
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