Paramount Skydance-Warner Bros. Discovery Merger Advances With Regulatory Approvals

Paramount Skydance and Warner Bros. Discovery have moved forward with a merger valued at approximately $110 billion after receiving key regulatory and shareholder approvals in 2026.

The merger agreement, signed on February 27, 2026, outlines Paramount’s plan to acquire Warner Bros. Discovery for $31 per share in cash. This transaction is structured to combine the companies’ assets across streaming, television, and film production, pending final closing conditions.

On April 23, 2026, Warner Bros. Discovery shareholders voted in favor of the merger during a special meeting. The approval marked a major procedural milestone for the transaction, allowing it to progress to the regulatory review stage.

The U.S. Department of Justice Antitrust Division announced on June 12, 2026, that it had closed its investigation into the merger. The department stated the transaction is not likely to harm competition or consumers in the relevant markets.

What the numbers show

• The merger is valued at approximately $110 billion
• Paramount will pay $31 per share in cash to acquire Warner Bros. Discovery
• The DOJ’s antitrust review lasted eight months and covered over two million documents

The DOJ’s review process included examination of documents from more than 80 custodians, as well as input from third parties and participation by state attorneys general. This comprehensive review was part of the standard procedure for large media mergers in the United States.

In addition to U.S. regulatory clearance, Chinese regulators have also cleared the merger, according to a source familiar with the decision. This approval is among several international regulatory steps required for the transaction to close.

The companies have stated that the merger is expected to close in the third quarter of 2026, subject to customary closing conditions and final regulatory approvals. Both parties continue to work toward completing the necessary steps for the transaction’s completion.

* This article is based on publicly available information at the time of writing.