Paramount Skydance Corporation has reached a definitive agreement to acquire Warner Bros. Discovery (WBD) in a deal valued at approximately $110 billion, one of the largest media mergers in entertainment history, international news reports say.

Under the terms of the agreement Paramount will pay $31.00 per share in cash for all outstanding Warner Bros. Discovery shares, a price the companies say reflects a total enterprise value of about $110 billion including debt. Both Paramount’s and WBD’s boards have unanimously approved the transaction, which is expected to close in the third quarter of 2026 pending regulatory approvals and a vote by WBD shareholders.

The acquisition ends a months-long bidding contest that included rival interest from Netflix which ultimately declined to match Paramount’s revised offer. The deal brings together two of Hollywood’s most venerable entertainment firms and creates a new global media powerhouse with a film and television library spanning thousands of titles and iconic franchises such as Game of Thrones, Harry Potter, Mission Impossible, the DC Universe and SpongeBob SquarePants.

Paramount’s chairman and chief executive officer David Ellison described the move as a strategic step to build a “next-generation media and entertainment company” capable of competing in today’s digital landscape. He said the combined organisation will focus on expanded storytelling direct-to-consumer services and long-term growth by leveraging the deep content libraries of both studios.

The merged entity will also encompass major news and entertainment brands including CNN, CBS, HBO Max and Nickelodeon, positioning it as a significant rival to other global media companies in streaming production and distribution.

Regulatory approval remains a key hurdle, and the companies are preparing to work with authorities in the United States and abroad to address competition concerns before completion. If finalised the acquisition would mark a major reshaping of the global entertainment sector and could set the tone for future consolidation in the industry.