The US Department of Justice has officially cleared Paramount Skydance’s acquisition of Warner Bros. Discovery, removing the most significant regulatory obstacle standing between the entertainment industry and its biggest-ever consolidation. The deal values WBD at approximately $110.9 billion in enterprise value, translating to $31 per share in cash for WBD equity plus assumed debt.
How the deal came together
The acquisition was first announced on February 27, 2026, capping off a competitive auction process that began when Paramount made unsolicited offers starting in September 2025. Netflix also reportedly submitted a competing proposal during the bidding war.
WBD shareholders overwhelmingly approved the merger on April 23, 2026. Bondholders followed suit in late May, adding another layer of corporate consent before the DOJ’s Antitrust Division delivered its clearance on June 12, 2026.
Paramount Skydance, trading under the ticker PSKY on Nasdaq, is led by CEO David Ellison. WBD, still listed as WBD on Nasdaq, has David Zaslav at the helm.
