Paramount closes acquisition of Warner Bros. Discovery
Ynon Kreiz joins the board and takes over day-to-day operations as the deal closes
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Paramount has completed its acquisition of Warner Bros. Discovery. The deal closed on October 6, 2026.
Under the terms of the merger agreement, Paramount paid $31.00 per share in cash for all outstanding WBD shares, according to a Warner Bros. Discovery filing with the Securities and Exchange Commission. Wikipedia, citing the agreement, puts the overall value of the deal at $110.9 billion, though that figure comes from a secondary source rather than Paramount or WBD directly.
Ynon Kreiz becomes co-CEO alongside David Ellison and joins the Paramount Skydance board. He takes over day-to-day operations now that the merger has closed.
As part of its revised proposal to WBD, Paramount agreed to fund a $2.8 billion termination fee owed to Netflix after walking away from an earlier merger agreement with that company, according to a Paramount Skydance filing with the SEC.
The closing follows a monthslong sequence of state settlements, a federal consent decree and a $44.4 billion debt offering, with Kreiz's appointment last week already signalling an October 6 target for completion. Execution matched the schedule Paramount had laid out, since the court had already modified the order blocking the close and financing was locked in beforehand. What remains open is the integration itself, now run jointly by Ellison and Kreiz, including how the consent decree's production-spending floor and divestiture triggers will constrain cost cuts across the combined company.