Warner Bros. Discovery’s shareholders have approved a merger with Paramount Skydance Corp.
As AFROTECH™ previously told you, a bidding war had been underway for Warner Bros. Discovery to merge with either Paramount or Netflix late last year. Initially, Netflix, which offered a deal with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion), was the more favorable pathway for Warner Bros. Discovery at the time, and Netflix said it would pave the way for “the next century of storytelling.”
However, Paramount presented a rival bid of $30.00 per share, for an overall enterprise value of $108.4 billion, per a separate AFROTECH™ article. That number now sits at $31 per share. CNN reports that Warner Bros. Discovery’s stock traded at nearly $8 per share in 2025.
In February, Netflix announced that it would not raise its offer for Warner Bros, stating in a press release that the transaction it had negotiated would have delivered value to shareholders. Still, it acknowledged that matching Paramount Skydance’s offer would not be “financially attractive,” according to a press release.
Paramount has now progressed in its race to merge with Warner Bros. Discovery, which would be valued at $110 billion, Reuters reports. According to a press release, Warner Bros. Discovery has approved a merger agreement with Paramount. The vote is awaiting certification from the company’s independent inspector of elections. Additionally, it will be filed with the U.S. Securities and Exchange Commission.
“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” said Samuel A. Di Piazza Jr., chair of the Warner Bros. Discovery Board of Directors, in the press release. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
David Zaslav, president and CEO of Warner Bros. Discovery, who could receive up to $887 million if the sale is finalized, commented in the release:
“Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership. Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders. We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company.”
The transaction is projected to close in the third quarter of 2026, pending regulatory approval.
