Traders should monitor the regulatory approval process in international jurisdictions and the upcoming shareholder vote, as these are key milestones for the deal's completion. The significant projected synergies of $6 billion within three years and the strong pro forma financials suggest a potentially transformative impact on the media landscape.
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Executive Summary
Paramount Skydance Corporation (PSKY) has filed a definitive agreement to acquire Warner Bros. Discovery (WBD) for $31 per share in cash, valuing WBD at $81 billion in equity and $110 billion in enterprise value. The transaction, funded by $47 billion in equity from the Ellison Family and RedBird Capital Partners and $54 billion in debt, is expected to close in Q3 2026 and is anticipated to create a combined media powerhouse with over 200 million direct-to-consumer subscribers.
Key Facts
- Paramount Skydance is acquiring Warner Bros. Discovery for $31 per share in cash.
- The deal values WBD at $81 billion in equity and $110 billion in enterprise value.
- The transaction is funded by $47 billion in equity and $54 billion in debt.
- The merger is expected to close in the third quarter of 2026.
- The combined company is projected to have $69 billion in estimated 2026 pro forma revenue and $18 billion in EBITDA.
- The deal has been unanimously approved by the boards of both companies.
- Regulatory clearance under the Hart-Scott-Rodino Act has already been obtained in the U.S.
Financial Impact
$81 billion equity value, $110 billion enterprise value, $69 billion pro forma revenue, $18 billion EBITDA
Risk Factors
- Regulatory approvals in international jurisdictions may pose a risk to the closing timeline.
- The deal is subject to approval by WBD shareholders, which is not guaranteed.
- The significant debt load of $79 billion in net debt at closing could impact the combined company's financial flexibility.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0001104659-26-022323 |
| Document: 0001104659-26-022323-index-headers.html | 0001104659-26-022323 |
| Document: 0001104659-26-022323-index.html | 0001104659-26-022323 |
| Document: 0001104659-26-022323.txt | 0001104659-26-022323 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | S-3ASR | $8.22 $10.91 | ▲ +32.73% | ▲ +31.49% | $9.50 (+15.57%) |
Jul 31, 2026 9w ago | Press Release | $8.22 $10.91 | ▲ +32.73% | ▲ +31.49% | $9.50 (+15.57%) |
Jul 21, 2026 10w ago | Press Release | $8.78 $10.60 | ▲ +20.73% | ▲ +17.83% | $9.50 (+8.20%) |
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Apr 9, 2026 25w ago | 8-K | $10.85 $10.91 | ▲ +0.55% | ▼ −7.01% | $9.50 (−12.44%) |
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