Paramount Skydance Corporation (PSKY) has entered into a definitive merger agreement to acquire Warner Bros. Discovery, Inc. (WBD) for $31.00 per share in cash. The transaction values WBD at an equity value of $81 billion and an enterprise value of $110 billion. A ticking fee of $0.00277778 per calendar day (up to $0.25 per 90-day period) will be paid to WBD shareholders if the closing occurs after September 30, 2026. The merger is expected to generate over $6 billion in synergies, driven by technology integration, corporate efficiencies, and real estate optimization. The acquisition will be funded by $47 billion in equity from the Ellison Family and RedBird Capital Partners (PIPE Investments) at $16.02 per share of PSKY Class B Common Stock. An additional $54 billion in debt commitments has been secured from Bank of America, Citigroup, and Apollo, including $15 billion to backstop WBD's existing bridge facility and $39 billion of incremental new debt. A $3.5 billion senior secured 364-day revolving credit facility is also committed to backstop PSKY's existing revolving credit facility. Existing Paramount stockholders will have the opportunity to participate in a rights offering of up to $3.25 billion of Class B Paramount stock at $16.02 per share. The transaction is not subject to any financing conditions, ensuring certainty of closing once other conditions are met. WBD's outstanding equity awards (options, RSUs, PRSUs, DSUs) will be converted into cash or contingent cash rights, or PSKY Notional Units, based on the merger consideration and original vesting terms. PSKY paid a $2.8 billion Netflix Termination Fee on behalf of WBD, following the termination of WBD's previous merger agreement with Netflix, Inc.