Warner Bros. Discovery Shareholders Back Paramount Skydance Takeover Valued Near $111 Billion
The origins of this takeover stretch back to the streaming-era consolidation race that has reshaped Hollywood. Streaming companies and legacy studios chased scale as subscriber growth slowed and costs rose. That pressure set the stage for a bidding war over Warner Bros. Discovery.
Warner at one point backed a roughly $72 billion offer from Netflix that would have combined the studio with a global streamer. Paramount, backed by Skydance Capital, later raised its bid. Netflix withdrew after Paramount increased its offer, turning Paramount into the winning suitor.
The proposed sale drew broad opposition from thousands of industry workers who warned of job losses and greater consolidation. The merger also drew a Senate spotlight hearing where Senator Cory Booker warned about concentrated control of news and entertainment. Paramount's CEO David Ellison pledged a 45-day theatrical window and a goal of about 30 films a year, and said HBO Max and Paramount+ may be combined while the studios remain stand-alone.
Shareholders of Warner Bros. Discovery this week approved selling the company for $31 per share in an $81 billion equity transaction. Including assumed debt, the deal is valued at nearly $111 billion. The takeover will be led by Paramount and Skydance, and the vote follows months of public debate that leaves uncertainty about jobs, competition, and how the streaming services will be combined.
đ Key Facts
- On April 23, 2026, shareholders approved selling Warner Bros. Discovery to Paramount for $31 per share in an $81 billion equity deal â valued at nearly $111 billion including assumed debt.
- The takeover followed a prior bidding war: Warner initially backed a $72 billion bid from Netflix for the studio and streaming assets before Paramount raised its offer and Netflix withdrew.
- Thousands of industry workers opposed the deal, warning it would cause job losses and further consolidation; a Senate 'spotlight' hearing featured Sen. Cory Booker expressing concern about concentrated control of news and entertainment.
- Paramount CEO David Ellison pledged a 45-day theatrical window for releases and set a target of producing about 30 films per year across the combined studios.
- Ellison said HBO Max and Paramount+ may be combined while the legacy studios would continue to operate as stand-alone units.
đ° Source Timeline (2)
Follow how coverage of this story developed over time
- Shareholders approved selling Warner Bros. Discovery to Paramount for $31 per share in an $81 billion equity deal valued at nearly $111 billion including debt.
- Article details prior bidding war in which Warner initially backed a $72 billion Netflix studio and streaming bid before Paramount raised its offer and Netflix withdrew.
- Story notes extensive opposition from thousands of industry workers warning of job losses and consolidation, plus a Senate 'spotlight' hearing where Sen. Cory Booker warned about concentrated control of news and entertainment.
- Paramount CEO David Ellison has pledged a 45-day theatrical window and a goal of 30 films a year across the combined studios, promising HBO Max and Paramount+ may be combined while the studios stay stand-alone.