NEW YORK – September 30, 2026 -- Paramount Skydance Corporation (NASDAQ: PSKY) and Warner Bros. Discovery, Inc. (NASDAQ: WBD) confirmed their merger is expected to close October 6, 2026, finalizing one of the largest media consolidations in recent years.
WBD shareholders to receive $31.01666668 per share at anticipated closing
Under the Merger Agreement dated February 27, 2026, each outstanding share of WBD common stock will convert into a cash right of $31.00 plus a daily accrual of $0.00277778 for each calendar day elapsed after September 30, 2026 through the closing date. If the deal closes on the anticipated date of October 6, 2026, the per-share payout totals $31.01666668.
Deal structure excludes canceled shares and appraisal-right claims
Shares subject to cancellation without consideration under the Merger Agreement, as well as those where appraisal rights have been properly exercised, are excluded from the cash conversion terms. The transaction involves WBD, PSKY, and merger subsidiary Prince Sub Inc.
Closing remains contingent on customary conditions
Both companies stated the deal remains subject to customary closing conditions, with no guarantee the October 6 date will hold. WBD has flagged litigation risk tied to the merger, potential disruption to customer, supplier, and advertiser relationships, and uncertainty around financing as factors that could affect final execution, per its regulatory disclosures.
The combined entity would merge WBD's portfolio—including HBO Max, CNN, Discovery Channel, and Warner Bros. Motion Picture Group—with Paramount's assets spanning CBS, Paramount Pictures, Nickelodeon, and Paramount+.