Paramount Skydance Completes Acquisition of Warner Bros. Discovery for $110 Billion

The deal is closed, and as a result of the acquisition, the combined company Skydance has been created. As of October 6, trading of Warner Bros. Discovery shares on Nasdaq has ceased, and WBD shareholders received $31.02 per share.

The new structure includes two major film studios, two global streaming services, television channels, and cable networks from Paramount and WBD. The holding company also includes CBS News and CNN, as well as a portfolio of sports broadcasts.

On July 22, the European Commission approved Paramount Skydance’s acquisition of WBD for $110 billion after agreed restrictions in European film distribution. Under these commitments, Paramount agreed not to retain its stake in United International Pictures in the European Economic Area, and the sale of that stake must be completed within 13 months after the deal closes. The company also committed not to enter into new agreements with Universal for film distribution in Europe for ten years.

The agreement between Warner Bros. Discovery and Paramount Skydance, valued at $110 billion, became known on February 27. In June, The Wall Street Journal, citing sources, wrote that the U.S. Department of Justice approved the deal before in-house lawyers could formally present their objections; according to the newspaper, the review lasted eight months and examined the impact of the merger on streaming services, traditional television, and the film industry.

Sources

• Vedomosti