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28 Feb 2026

Paramount Skydance to Acquire Warner Bros. Discovery for $110 Billion

"Paramount Skydance Corporation will acquire Warner Bros. Discovery, Inc. under a definitive merger agreement announced Feb 27, 2026; Paramount will pay $31.00 per share in cash, valuing WBD at an enterprise value of $110 billion. The transaction was unanimously approved by the boards. Cravath, Swaine & Moore LLP represented Paramount."

Cravath, Swaine & Moore LLP represented Paramount Skydance Corporation in the transaction. On February 27, 2026, Paramount Skydance Corporation ("Paramount") and Warner Bros. Discovery, Inc. ("WBD") announced that they have entered into a definitive merger agreement under which Paramount will acquire WBD. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of WBD. The transaction values WBD at an enterprise value of $110 billion and has been unanimously approved by the Boards of Directors of both companies. Cravath, Swaine & Moore LLP represented client Paramount Skydance Corporation with a team composed by: partners Faiza J. Saeed, Daniel J. Cerqueira, Claudia J. Ricciardi, Alexander E. Greenberg and Minh Van Ngo and associates Temiloluwa A. Dele-Dare, Colin L. Halvey and Joseph N. Kadoch on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren and associates Alan J. Steiner, Sam Baucom and Sasha G. Savitsky on capital markets matters; partner George E. Zobitz on banking matters; partner Lauren Angelilli and associates Carlos Nicholas Obando and Carolyn Liziewski on tax matters; partner Jonathan J. Katz, senior attorney Aaron S. Cha and associate Caroline Wyatt on executive compensation and benefits matters; partners Andrew C. Finch and Noah Joshua Phillips, of counsel John F. Kendrick and associate Jacob Freund on antitrust matters; partners Kevin J. Orsini and Justin C. Clarke and associates Kelsey A. Miller, Abraham Cooper and Tasneem Warwani on litigation matters; partner John W. White on corporate governance matters; of counsel Kathryn-Ann Stamm and associate Pierre Schlaefli on intellectual property matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Aaliyah Channer also worked on M&A matters, Han Wen Zhang worked on capital markets matters, Scarlett A. Neely worked on executive compensation and benefits matters and Avery P. Bernstein worked on litigation matters.
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