Paramount's acquisition of all Warner Bros. Discovery (WBD) assets for $111 billion was officially finalised on October 6, 2026. This follows a federal judge's approval of the deal in late September, after it had been paused by a lawsuit filed on July 13 by a coalition of 12 state attorneys general.
The agreement encompasses WBD's studios, HBO, streaming platforms, games, and TV networks such as CNN and HGTV. Paramount's offer was approved by the U.S. Department of Justice (DOJ) in June.
The acquisition concludes a competitive bidding process that began in October 2025 when WBD started exploring a potential sale due to billions in debt, declining cable viewership, and intense streaming competition. Netflix had initially announced an $82.7 billion offer for WBD’s studios and streaming assets in December, but Paramount's increased offer in February ultimately secured the deal.
Paramount, recently acquired by David Ellison with support from his father Larry Ellison, will assume approximately $33 billion of WBD's debt in addition to its own existing debt. The deal is backed by a $54 billion debt commitment and $45.7 billion in equity from Larry Ellison.