Paramount Announces $108.4 Billion All-Cash Tender Offer to Acquire Warner Bros. Discovery

Cravath represented Paramount, a Skydance Corporation, in connection with Paramount’s proposed acquisition of Warner Bros. Discovery, Inc. On December 8, 2025, Paramount announced that it had commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. for $30.00 per share in cash, equating to an enterprise value of $108.4 billion. The proposed transaction covers the entirety of Warner Bros. Discovery, including its Global Networks segment. Cravath represented Paramount with a team composed by: partners Faiza J. Saeed, Daniel J. Cerqueira, Claudia J. Ricciardi, Alexander E. Greenberg and Minh Van Ngo leading the engagement; associates Temiloluwa A. Dele-Dare, Danielle A. Solaru, Colin L. Halvey and Joseph N. Kadoch on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren and associates Courtney T. Seager, Alan J. Steiner, Sam Baucom and Sasha G. Savitsky on capital markets matters; partner George E. Zobitz and associate Ahra Cho on banking matters; partners Lauren Angelilli and Andrew T. Davis 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; partner Sasha Rosenthal-Larrea, of counsel Kathryn-Ann Stamm and associate Pierre Schlaefli on intellectual property matters; partners Andrew C. Finch and Noah Joshua Phillips, of counsel John F. Kendrick and associates Lauren N. Reisig and Jacob Freund on antitrust matters; partner Elad Roisman on regulatory matters; partners John W. White and Michael L. Arnold and of counsel Lisa M. Kohl on corporate governance matters; partner Matthew Morreale on environmental matters; partner Benjamin G. Joseloff on CFIUS matters; and senior attorney 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 Nilofar Vakili worked on intellectual property matters.

Paramount Announces $108.4 Billion All-Cash Tender Offer to Acquire Warner Bros. Discovery

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