Acquisition of Warner Bros. Discovery by Paramount Skydance

Legendary card · No. 1437

On October 6, 2026, Paramount Skydance acquired Warner Bros. Discovery (WBD) for $31 per share, valuing the company at $110.9 billion, with the combined company renamed Skydance. The acquisition was funded by the Ellison family and RedBird Capital Partners, with additional funding being provided by the sovereign wealth funds of Saudi Arabia, Qatar, and the United Arab Emirates (which hold non-voting shares in the company). WBD had originally planned to spin off its less profitable linear television assets as a new company, leaving the flagship Warner Bros. studio and streaming businesses. After Paramount Skydance began making unsolicited offers to acquire WBD as a whole, its board of directors placed the company up for auction; in December 2025, WBD initially accepted an $82.7 billion offer by Netflix, Inc. to acquire the WB studios and streaming business, with the remaining assets continuing as a spin-off known as Discovery Global. Paramount continued to make unsolicited offers for WBD...

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