Paramount Skydance Corporation (PSKY) will acquire Warner Bros. Discovery, Inc. (WBD) through a merger, with WBD becoming a wholly owned subsidiary of PSKY. WBD stockholders will receive $31.00 in cash for each share of Series A common stock, plus a ticking consideration of $0.00277778 per day if the closing occurs after September 30, 2026, not exceeding $0.25 per 90 days. The transaction values WBD at an equity value of $81 billion and an enterprise value of $110 billion. The merger is expected to yield over $6 billion in synergies, driven by technology integration, corporate efficiencies, and operational streamlining. The transaction is funded by $47 billion in equity from The Lawrence J. Ellison Revocable Trust and RedBird Capital Partners, and $54 billion in debt commitments from Bank of America, Citigroup, and Apollo. WBD terminated its previous merger agreement with Netflix, Inc., with PSKY paying the $2.8 billion Netflix Termination Fee on WBD's behalf. WBD's previously announced plan to separate its Streaming & Studios business from its Global Linear Networks business has been canceled. The boards of directors of both WBD and PSKY have unanimously approved the merger agreement, and WBD's board recommends stockholder approval. The merger is expected to close in Q3 2026, subject to WBD stockholder approval and regulatory clearances.