M&A · Tech · Cable & Other Pay Television Services
Paramount Skydance Corporation to acquire Warner Bros. Discovery, Inc.
Announced Feb 27, 2026 · Closed Oct 6, 2026
Deal value$110.00BEV $110.00B
Premium147.0%To unaffected price
EV / Adj. EBITDA14.2x2.9x EV / Revenue
ConsiderationAll cash$31.00 per share
Transaction
- Acquirer
- Paramount Skydance Corporation (PSKY)
- Target
- Warner Bros. Discovery, Inc. (WBD)
- Buyer type
- Strategic
- Offer price per share
- $31.00
- Enterprise value
- $110.00B
- Status
- Closed Oct 6, 2026
Deal protections
- Break fee (target pays)
- $3.00B · 2.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, Citigroup, JPMorgan
Advisors
- To the acquirer
- Centerview, BofA Securities, Citigroup, M. Klein and Company, LionTree, Barclays
- To the target
- Allen & Company, JPMorgan, Evercore
- JPMorgan fee
- $90.0M
Sector context · Tech
- Comparable deals
- 69 in the prior 24 months
- Premium
- 147.0% vs. 37.1% sector median
- EV / Adj. EBITDA
- 14.2x vs. 16.5x sector median
- Break fee
- 2.7% vs. 3.0% sector median
Timeline
- AnnouncedFeb 27, 2026
- Proxy filedMar 16, 2026
- Definitive proxyMar 26, 2026
- Shareholder voteApr 23, 2026
- ClosedOct 6, 2026
Valuation · fairness opinions
Trading comparables$15.53$21.18
Precedent transactions$21.25$29.99
Discounted cash flow$21.16$31.91
Discounted cash flow$20.67$31.34
Offer $31.00
Implied value per Warner Bros. Discovery, Inc. share by analysis, from JPMorgan.