Paramount Finalizes $111 Billion Acquisition of Warner Bros. Discovery

Paramount has officially completed its acquisition of Warner Bros. Discovery (WBD) as of October 6, as TechCrunch first reported. The deal, valued at $111 billion, includes WBD's studios, streaming platforms, HBO, TV networks such as CNN and HGTV, and its gaming division.

The acquisition followed a competitive bidding process that began in October 2025. While Paramount was initially viewed as the frontrunner, WBD's board eventually determined that a December offer from Netflix for $82.7 billion for WBD's streaming, television, and film assets was the most attractive. However, Paramount, led by David Ellison and backed by Oracle chairman Larry Ellison, ultimately won the bidding war in February by increasing its offer to $31 per share. Netflix co-CEOs Ted Sarandos and Greg Peters withdrew from negotiations on February 26, stating the price required to match Paramount was no longer financially attractive.

The merger carries significant financial weight. Paramount will assume approximately $33 billion of WBD's existing debt, and the combined entity will be burdened with $87 billion in total debt. The transaction was supported by $45.7 billion in equity from Larry Ellison and a $54 billion debt commitment from Apollo Global Management, Citi, Merrill Lynch, and Bank of America.

Regulatory approval was granted by the U.S. Department of Justice in June. While a coalition of 12 state attorneys general filed a lawsuit on July 13 that briefly paused the proceedings, a judge approved the deal in late September. Beyond the financial restructuring, David Ellison has warned of expected job reductions following the merger.