Paramount Skydance closes massive acquisition of Warner Bros. Discovery

It's been just over a year since Paramount Skydance set out to buy one of Hollywood's most iconic institutions.

After repeated rejections, a subsequent bidding war, a series of regulatory approvals, an antitrust challenge by state attorneys general and a timely settlement, the David Ellison-run company is set to close its acquisition of Warner Bros. Discovery on Tuesday.

The combined company, what amounts to one of the largest media conglomerates in history, will be newly named Skydance and trade under the ticker symbol "SKYD." It will bring together two of the most storied film studios and control nearly one-third of basic cable programming.

Here's a timeline of key events in Paramount's pursuit of WBD:

The foundation is laid

June 9, 2025: Warner Bros. Discovery announces its plan to split into two public companies: a streaming and studios company and a global networks company. The plan to separate WBD's movie properties and streaming platform from its cable channels comes as media companies grapple with how to maintain profitability in the face of declining linear viewership and a broad shift to streaming.

Aug. 7, 2025: Paramount closes its long-awaited merger with Skydance, the company founded by Ellison, a tech executive and the son of Oracle co-founder Larry Ellison. Within days, newly installed CEO David Ellison buys the multiyear rights for TKO Group's UFC in a $7.7 billion deal. Within a month, Ellison acquires the rights to produce a film based on the Call of Duty video game franchise and signs a multiyear deal with "Stranger Things" creators the Duffer Brothers. The series of investments fits into Ellison's plan to "define the next era of entertainment," a strategy he outlines in a letter to shareholders.

Competition brews

Sept. 11, 2025: CNBC reports that Paramount is preparing a bid for Warner Bros. Discovery. Shares of both companies jump on the day of the news, and WBD shares notch their best day ever to that point.

Late September and early October 2025: Warner Bros. Discovery rejects three takeover bids from Paramount Skydance. Paramount's third bid is for slightly less than $24 per share and 80% cash, CNBC reports at the time. In a letter to WBD's board dated Oct. 13, Paramount lays out how its offer delivers "superior value" for shareholders over plans to split the company into two separate entities.

Oct. 21, 2025: Warner Bros. Discovery says it is open to a sale after receiving "unsolicited interest" from multiple parties. CNBC reports that Netflix and Comcast are among the interested suitors. WBD says it will continue to plan for the split while conducting a "strategic review."

Mid-November 2025: Comcast, Netflix and Paramount submit formal takeover bids for Warner Bros. Discovery. Offers from Comcast and Netflix are for the company's film and streaming assets, namely Warner Bros. studio and HBO Max. Paramount Skydance's bid is for the entirety of WBD, including its linear TV networks.

Deals get done

Dec. 5, 2025: Netflix announces it has reached a deal to acquire Warner Bros. Discovery's film and streaming assets in a deal worth nearly $83 billion on an enterprise basis. WBD says it will spin off its TV networks, including TNT and CNN, into Discovery Global, in line with its plan from June. Before the deal is officially announced, attorneys from Paramount Skydance pen a letter to WBD CEO David Zaslav questioning the "fairness and adequacy" of the sale process and accusing WBD of favoring Netflix.

Dec. 8, 2025: Paramount Skydance launches a hostile bid for the entirety of Warner Bros. Discovery, seeking to upend the Netflix agreement. Paramount announces that it will go straight to WBD shareholders with an all-cash, $30-per-share offer. "We're really here to finish what we started," Ellison tells CNBC's "Squawk on the Street" in announcing Paramount's plan. "We put the company in play."

Jan. 7, 2026: Warner Bros. Discovery rejects Paramount's offer again, doubling down on its deal with Netflix. Despite a guarantee in late December that billionaire Larry Ellison will backstop the financing of the Paramount-WBD deal, the Warner Bros. Discovery board unanimously recommends that shareholders reject the takeover bid from Paramount.

Jan. 12, 2026: Paramount sues Warner Bros. Discovery and Zaslav. The lawsuit asks the court to direct WBD to provide more transparent information on how the company decided to strike an agreement with Netflix instead of Paramount.

Jan. 20, 2026: Netflix amends its offer for assets from Warner Bros. Discovery to an all-cash deal. The new bid would see Netflix pay $27.75 per WBD share in cash instead of through a combination of cash and stock.

Feb. 10, 2026: Paramount adds additional incentives to its bid for WBD but maintains its offer from December of $30 per share, in cash. The new offer includes the introduction of a "ticking fee" due to WBD shareholders in the event a Paramount-WBD deal is delayed in receiving regulatory approval. The offer also includes an agreement to pay the $2.8 billion breakup fee that will be owed to Netflix if that deal does not go through.

Feb. 17, 2026: Netflix grants WBD a seven-day waiver to reopen deal talks with Paramount.

Feb. 24, 2026: WBD says Paramount has increased its offer to $31 per share in cash.

Feb. 26, 2026: Netflix's deal for Warner Bros. Discovery falls through after the company declines to match Paramount's $31-per-share offer.

Feb. 27, 2026: With the road clear after Netflix's withdrawal, Paramount Skydance and Warner Bros. Discovery enter a definitive merger agreement.

April 23, 2026: Warner Bros. Discovery shareholders approve Paramount's acquisition of the company.

Securing regulatory approval

June 12, 2026: The Department of Justice approves the Paramount-WBD merger, a crucial step in winning full regulatory approval for the deal, which is valued at an estimated $110 billion on an enterprise basis.

July 13, 2026: A group of state attorneys general, led by California's Rob Bonta, sues to block the merger over antitrust concerns. The lawsuit cites the potential for higher prices and lower-quality content if the merger goes through.

July 22, 2026: European Union antitrust regulators approve Paramount's acquisition of WBD, marking a major win for Paramount among global regulators. The approval relies on a few concessions: Paramount agrees to divest its stake in United International Pictures in Europe and promises not to enter film distribution deals with Universal in Europe for a period of 10 years.

July 24, 2026: Paramount, already facing a temporary restraining order on the deal, agrees to delay its closing to as late as June 2027. The threat of a lengthy delay leaves WBD in limbo and casts a brief chilling effect over media M&A more broadly.

Sept. 21, 2026: Paramount and the state attorneys general settle the lawsuit, allowing the merger between the media giants to move forward. The news comes less than two weeks before the ticking fee would kick in and raise the deal price. The settlement includes a series of stipulations related to the number of theatrical films the combined company will release per year and the required budget for those films.

On the precipice

Sept. 30, 2026: With the final hurdle cleared, Paramount announces that outgoing Mattel CEO Ynon Kreiz will serve as co-CEO of the combined company alongside Ellison. At Mattel, Kreiz earned a reputation as a turnaround man and oversaw the toymaker's foray into entertainment, bringing Barbie to the big screen in 2023.

Oct. 2, 2026: Ellison announces that the combined company will be named Skydance after closing, saying the move will allow Paramount and Warner Bros. to remain distinct brands.

Oct. 5, 2026: Ellison and Kreiz announce their leadership team, including news leads Bari Weiss and Mark Thompson over CBS and CNN, respectively, and content heads Casey Bloys, George Cheeks and JB Perrette to oversee the streaming and TV businesses. CNBC reports CBS Sports chief David Berson will take over Skydance's global sports group.