David Ellisons Skydance, through Paramount, has acquired Warner Bros. Discovery for $31 per share, totaling $111 billion including debt. This marks one of the largest media mergers in recent years, following a heated bidding war with Netflix. The deal started at $19 per share in September 2025, with offers climbing to $30 by early December. Netflix entered with $27.75, prompting Paramount to increase their offer with additional commitments. Warner Bros. CEO David Zaslav noted eight price hikes, boosting shareholder value by 63%. The final figure surprised analysts, with Ellison securing personal backing, debt financing, and promising to cover Warner Bros. breakup fee to Netflix. The merger awaits antitrust approval, potentially adding $7 billion in costs.
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