Warner Bros. Discovery agrees to $110 billion Paramount merger

"Together, Paramount and WBD will deliver greater choice for consumers through its leading streaming platforms with an exceptional intellectual property portfolio that has produced popular franchises such as Game of Thrones, Mission Impossible, Harry Potter, Top Gun, the DC Universe and SpongeBob SquarePants."

"Paramount has also agreed to cover the $7 billion regulatory termination fee and the $2.8 billion breakup fee owed to Netflix, which it has already paid, according to Bloomberg."

"Paramount Plus, HBO Max, and Pluto creates a highly competitive streaming business that expands both consumer choice and opportunities for creative talent and labor."

Paramount and Warner Bros. Discovery announced an official merger agreement creating a massive media conglomerate valued at $110 billion. Paramount's persistent bidding strategy succeeded over Netflix's initial $83 billion offer, which Netflix declined as financially unattractive. The merger combines WBD's studio, linear channels, HBO Max streaming service, and gaming operations with Paramount's existing assets. Both boards approved the deal, expected to close in Q3 2026 pending regulatory and shareholder approval. Paramount will pay WBD's $7 billion regulatory termination fee and $2.8 billion Netflix breakup fee. The combined entity will control major franchises including Game of Thrones, Mission Impossible, Harry Potter, Top Gun, DC Universe, and SpongeBob SquarePants, operating competing streaming platforms including Paramount Plus, HBO Max, and Pluto.

Read at The Verge