Paramount and WBD signed a $110 billion enterprise-value deal
The agreement would place CBS, CNN, major studios, and two global streaming services under one corporate parent.
Entities and roles
- David EllisonParamount Skydance chair and chief executive
- CBS NewsParamount news and broadcast asset
- Larry EllisonTrump friend and financing guarantor for Paramount Skydance
- CNNWBD news asset
- Paramount Skydance Corporationmerger acquirer
- Warner Bros. Discovery, Inc.merger target
- Donald J. Trumpsitting president closely allied with the transaction's principal financiers
Relationships in this file
- Paramount Skydance Corporationsigned definitive all-cash merger agreementWarner Bros. Discovery, Inc.
- Donald J. Trumpmedia executive closely allied with TrumpDavid Ellison
- Donald J. Trumpclose Trump associate and financing guarantor for his son's media companyLarry Ellison
- Warner Bros. Discovery, Inc.owned news network included in proposed combinationCNN
Money trail
commitmentAnnounced enterprise value$110,000,000,000 - Committed by / source
- Paramount Skydance financing sources
- Committed toward / intended recipient
- Warner Bros. Discovery security holders and creditors
Claims and evidence
- factdocumented
Paramount Skydance and Warner Bros. Discovery announced a definitive $31-per-share all-cash merger valuing WBD at $110 billion in enterprise value, with Ellison family and RedBird equity among the financing sources.
- U.S. Securities and Exchange Commission: Paramount Skydance and Warner Bros. Discovery announce definitive merger agreementDefinitive-agreement announcement; final consideration, financing sources, and termination of the prior tender offer
- Associated Press: Warner Bros shareholders approve Paramount's $81 billion takeover of the Hollywood giantShareholder approval, definitive consideration, transaction value, and financing passages
- Associated Press: Takeover bid of parent company means limbo for CNN and some fellow cable networksPassages identifying David Ellison's Paramount control, Larry Ellison's financing role, and Larry Ellison's relationship with Trump
Measurements
Definitive cash price per share$31 per share - Basis
- Observed
- Population
- Cash consideration agreed for each Warner Bros. Discovery share
- Period
- 2026-02-27 to 2026-02-27
- As of
- 2026-02-27
- Method
- Direct observation: the agreed per-share consideration.
- Uncertainty
- Per-share contractual consideration, not aggregate enterprise or equity value.