Warner Bros. Discovery Shareholders Back Paramount Skydance Takeover Valued Near $111 Billion
The takeover fight began with a bidding war over Warner Bros. Discovery's studios and streaming business. Warner initially backed a $72 billion offer from Netflix. Paramount then raised its bid and Netflix withdrew.
Paramount's offer outpaced the Netflix bid and pushed talks toward a sale. Thousands of industry workers warned the deal could cost jobs and deepen consolidation. Senators held a "spotlight" hearing where Senator Cory Booker warned about concentrated control of news and entertainment.
Shareholders have now voted to approve selling Warner Bros. Discovery to Paramount Skydance for $31 per share. The equity part of the deal is about $81 billion. Including debt, the combined valuation is nearly $111 billion.
Paramount CEO David Ellison pledged a 45-day theatrical window and a goal of 30 films a year across the combined studios. He said HBO Max and Paramount+ may be combined while the studios remain stand-alone. The vote also places CBS News under the same parent, highlighting ownership implications for that outlet. Reactions remain split between investor relief and continued concern from workers and lawmakers about consolidation and job losses.
đ Key Facts
- Warner Bros. Discovery shareholders voted to approve selling the company to Paramount (Skydance) for $31 per share in an $81 billion equity deal valued at nearly $111 billion including assumed debt.
- CBS MoneyWatch confirmed that shareholders formally voted to approve the Paramount Skydance merger.
- The takeover followed a prior bidding contest in which Warner initially backed a roughly $72 billion bid from Netflix for its studio and streaming assets before Paramount raised its offer and Netflix withdrew.
- Thousands of industry workers opposed the deal, warning of job losses and consolidation; the takeover also drew a Senate hearing where Sen. Cory Booker raised concerns about concentrated control of news and entertainment.
- Paramount CEO David Ellison pledged a 45-day theatrical window, a target of about 30 films a year across the combined studios, and said HBO Max and Paramount+ may be combined while the studios remain stand-alone.
- The deal has direct ownership implications for news outlets: Paramount Skydance is the parent company of CBS News, underscoring potential conflicts and governance questions for the outlet.
đ° Source Timeline (3)
Follow how coverage of this story developed over time
- CBS segment confirms that Warner Bros. Discovery shareholders have formally voted to approve the Paramount Skydance merger.
- The report reiterates that Paramount Skydance is the parent of CBS News, underscoring ownership implications for the outlet itself.
- 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.