Paramount Skydance has agreed to acquire Warner Bros. Discovery in a transaction valued at $110 billion, concluding months of negotiations and a competitive bidding process with Netflix.

The agreement places an equity value of $81 billion on Warner Bros., with Paramount offering $31.00 per share in cash. Including debt to be assumed, the total deal value reaches $110 billion. 

Both companies’ boards have approved the transaction, which is expected to close in the third quarter of 2026.

Netflix earlier offered $27.75 per share but declined to match Paramount’s higher bid.

Paramount chairman and CEO David Ellison said, “Our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company.”

The combined company will bring together major brands including CNN, CBS and HBO, along with a film library of more than 15,000 titles and franchises such as Harry Potter, Game of Thrones, Mission Impossible, and the DC Universe.

Shares of Paramount rose about 3 percent in extended trading, while Netflix fell around 1 percent.