Paramount has agreed to acquire Warner Bros. Discovery in a massive $110 billion deal, a move that could reshape Hollywood. The agreement was announced during a company townhall and follows months of talks.
Under the deal, Paramount will pay $31 in cash per share to Warner Bros. Discovery shareholders. The merger is expected to be completed in the third quarter of 2026, pending approvals from regulators and shareholders. If delays occur, Warner shareholders will receive a small “ticking fee” for the wait.
The deal comes after Netflix chose not to pursue its earlier plan to merge with Warner’s studio and streaming assets, clearing the path for Paramount.
The combined company will bring together Warner’s movies, TV shows and streaming platforms like HBO Max with Paramount’s own content and Paramount+. The new entity will have one of the largest libraries of films and series in the world, strengthening its position against competitors in the streaming space.
Industry analysts say the merger could make the company more competitive in an era dominated by Netflix, Disney and Amazon. However, some critics worry that combining two major studios could reduce competition and affect jobs, prompting careful review by U.S. and state regulators.
If finalized, the merger will be one of the biggest in Hollywood history, changing how movies, TV shows, and streaming content are made and delivered worldwide.