Paramount Acquires Warner Bros Discovery in $110 Billion Shake-Up

Warner Bros Discovery was acquired on Friday by Paramount Skydance in a colossal $110 billion deal, marking the conclusion of an intense bidding war commenced after Netflix retracted its previous agreement with the HBO Max owner. Reuters had initially reported the news, citing insights from a corporate townhall audio clip.

Bruce Campbell, Warner Bros' chief revenue and strategy officer, confirmed Netflix's choice to forego matching Paramount's $31-per-share offer, which surpassed Netflix's proposal of $27.75-per-share. Resultantly, Paramount secured the acquisition agreement, sparking regulatory scrutiny from California officials, who are planning a thorough deal review.

The acquisition positions Paramount to become one of the biggest film studios globally, leveraging Warner's popular franchises and enhancing its streaming services. However, the merger, which could influence consumer prices and job availability, faces investigative scrutiny from both state regulators and concerned cinema operators.