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Economy / Corporate

Paramount paid $31 per share in eight-month acquisition sprint

Paramount completed an $81 billion acquisition of Warner Bros. Discovery at $31 per share, following an eight-month timeline that began with the February 2026 merger agreement. The deal progressed through shareholder approval in April 2026 and regulatory clearance by October 2026, overcoming a temporary judicial block resolved through state settlement.

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The essentials

Paramount acquired Warner Bros. Discovery for $31 per share over an eight-month timeline from February to October 2026.

The Paramount-Warner Bros. Discovery merger unfolded across a compressed eight-month timeline from initial agreement to completion. The parties reached their merger agreement in February 2026, following a competitive bidding process that began when Warner Bros. Discovery had initially agreed to a studio and streaming deal with Netflix in December 2025.

Paramount launched a hostile counterbid that ultimately prevailed. The acquirer raised its offer to $31 per share, the price point that secured Warner Bros. shareholders' approval. Warner shareholders voted to approve the merger in April 2026, providing key deal validation midway through the regulatory approval sequence.

The transaction's structure involved $81 billion in total consideration, financed with support from Middle Eastern sovereign wealth sources after Netflix exited the competitive process. Regulatory hurdles followed shareholder approval, including a federal judicial block in July 2026 that was resolved through settlement with state authorities, enabling final deal closure by October 2026.

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Timeline

Eight months from agreement to close marks rapid consolidation

The merger moved swiftly from February 2026 agreement through April shareholder approval and October completion. Key milestones included the hostile counterbid phase, price elevation to $31 per share, regulatory federal approval in June, temporary judicial pause in July, and state settlement resolution. This compressed schedule reflects strong deal momentum despite competitive bidding and legal obstacles.

Deal Structure

Multi-billion offer displaced Netflix streaming arrangement completely

The $31-per-share bid structure overcame Warner Bros. Discovery's prior Netflix streaming deal negotiated in December 2025. Paramount's hostile counterbid and subsequent offer increase proved more attractive to shareholders than the existing arrangement. Middle Eastern financing sources enabled the $81 billion structure that ultimately closed, fundamentally redirecting Warner Bros. assets from Netflix partnership to Paramount ownership.