Paramount to acquire Warner Bros in $110B deal
Paramount Skydance is making headlines after agreeing to acquire Warner Bros Discovery in a massive $110 billion deal—one of the biggest Hollywood has ever seen.
The news dropped during a company town hall, and Reuters confirmed it with an audio clip.
Fun fact: Netflix could have matched the PSKY offer but ultimately decided not to, according to Warner Bros' exec Bruce Campbell.
Deal includes taking on $29B debt
Paramount's $31-per-share bid beat out Netflix's $27.75, and they even upped the breakup fee to $7 billion to seal the deal.
The merger includes taking on $29 billion in debt but gives Paramount access to big franchises and opens up possibilities like combining HBO Max with Paramount+.
Expect more content and some serious streaming competition ahead—though regulators might have something to say about it first.