The US Department of Justice just gave the green light to a deal that will reshape Hollywood as we know it. Paramount Skydance’s $111 billion acquisition of Warner Bros. Discovery, debt included, cleared the DOJ’s Antitrust Division on June 12, marking the removal of the single biggest regulatory obstacle standing between these two entertainment giants and their merger.
Warner Bros. Discovery shareholders will receive $31 in cash per share. The combined entity is expected to become one of the most formidable forces in both traditional media and the streaming wars that have defined the entertainment industry for the past half-decade.
How the deal came together
Paramount and Skydance signed a definitive agreement back in February 2026, setting the terms that would govern one of the most consequential media transactions in recent memory.
Shareholder approval came on April 23. Bondholder consent followed in May, clearing the financial architecture needed to support a deal of this magnitude.
