Warner Bros Discovery $110bn Acquisition By Paramount Confirmed After Netflix Exits

The Warner Bros Discovery $110bn acquisition by Paramount Skydance has been formally agreed, bringing an end to one of Hollywood’s most closely watched bidding wars. The announcement came a day after Netflix withdrew from negotiations, clearing the path for Paramount to secure the historic takeover.

According to statements released by the companies, the transaction carries an overall value of $110 billion, with an equity valuation of $81 billion. Senior executives confirmed the agreement during an internal town hall, describing it as a move designed to strengthen their position in a rapidly shifting media landscape.

A new Hollywood heavyweight

The merger will unite some of the most recognised brands in global entertainment. Warner Bros Discovery’s assets, including CNN and its vast film and television library, will combine with Paramount’s holdings, such as CBS. Together, the new entity will control more than 15,000 film, television, and streaming titles.

That catalogue includes major franchises like Game of Thrones, Mission: Impossible, Harry Potter, and the DC Universe. Executives say both studios will continue operating, with a commitment to releasing at least 30 theatrical films each year.

For months, Netflix had been viewed as the frontrunner. The streaming giant reportedly offered $27.75 per share for selected studio and streaming assets in a deal valued at $83 billion. Paramount’s improved $31 per share bid, which covered the entire company, ultimately proved more attractive.

Industry concerns and next steps

Not everyone is celebrating. The Writers Guild of America warned that reduced competition could hurt writers, workers, and audiences. Cinema operators have also raised concerns about job security and market consolidation.

Warner Bros shareholders are expected to vote on the proposed merger in early spring 2026. If approved, the deal is projected to close in the third quarter of 2026.

As for audiences, existing films and series from both studios will continue to be distributed across cinemas, broadcast networks, and their respective streaming platforms, with further integration plans likely to be announced once the merger is finalised.