Paramount Skydance is acquiring Warner Bros. Discovery for approximately $110.9 billion, or $31 per share, in an all-cash deal. The financing package, which includes between $49 billion and $54 billion in debt, was underwritten by 18 banks and financial institutions including Citigroup, Bank of America, Apollo, and JPMorgan. The remainder of the purchase price is being covered by new equity investments from the Ellison family and RedBird Capital.
The definitive agreement was reached on February 27, 2026, after a competitive bidding war that included an offer from Netflix. Debt syndication was completed in April 2026, a key milestone that confirmed the financial market's willingness to back the deal. Shareholder votes are underway, and Warner Bros. Discovery is in discussions with its existing debt holders to modify current loan terms.
Analysts estimate the combined entity's net debt will approach $80 billion, with an EBITDA multiple of approximately 7x. Paramount Skydance projects synergies exceeding $6 billion from the merger.
Regulatory approval remains the final hurdle, with antitrust scrutiny expected to force conditions or asset divestitures.