It's official. For real this time. Warner Bros. Discovery is selling itself to Paramount for $31 a share in cash in a deal worth $110 billion, creating a media behemoth that will reshape the entertainment landscape for decades to come.
The merger, announced late Thursday, combines HBO Max and Paramount+ into a single streaming platform that will instantly become the third-largest in the world behind Netflix and Disney+. The new entity will control an unprecedented library spanning The Godfather, Game of Thrones, Star Trek, Batman, Mission: Impossible, and virtually every DC Comics property.
David Ellison, whose Skydance Media orchestrated the Paramount side of the deal, outbid Netflix in a fierce bidding war that saw the streaming giant ultimately pay a $2.8 billion breakup fee for coming in second place. In Hollywood, nobody knows anything—except Ellison, apparently.
The combined company will own Paramount Pictures, Warner Bros. Pictures, HBO, Showtime, CBS, Comedy Central, Nickelodeon, Cartoon Network, and CNN. That's a staggering amount of content generation under one roof, raising immediate antitrust concerns from lawmakers and consumer advocates.
According to Deadline, the deal still requires regulatory approval, though sources suggest the FTC review may be less contentious than initially feared. The merger is expected to close by Q4 2026.
