Paramount’s $110 Billion Acquisition of Warner Bros. Discovery, Inc.

On February 27, 2026, Paramount Skydance Corporation ("Paramount") and Warner Bros. Discovery, Inc. ("WBD") announced they have entered into a definitive merger agreement under which Paramount will acquire WBD. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of WBD. The transaction values WBD at an enterprise value of $110 billion, and has been unanimously approved by the Boards of Directors of both companies. Cravath is representing Paramount in connection with the transaction.

The Cravath team is led by partners Faiza J. Saeed, Daniel J. Cerqueira, Claudia J. Ricciardi, Alexander E. Greenberg and Minh Van Ngo and includes associates Temiloluwa A. Dele-Dare, Colin L. Halvey and Joseph N. Kadoch on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren and associates Alan J. Steiner, Sam Baucom and Sasha G. Savitsky on capital markets matters; partner George E. Zobitz on banking matters; partner Lauren Angelilli and associates Carlos Nicholas Obando and Carolyn Liziewski on tax matters; partner Jonathan J. Katz, senior attorney Aaron S. Cha and associate Caroline Wyatt on executive compensation and benefits matters; partners Andrew C. Finch and Noah Joshua Phillips, of counsel John F. Kendrick and associate Jacob Freund on antitrust matters; partners Kevin J. Orsini and Justin C. Clarke and associates Kelsey A. Miller, Abraham Cooper and Tasneem Warwani on litigation matters; partner John W. White on corporate governance matters; of counsel Kathryn-Ann Stamm and associate Pierre Schlaefli on intellectual property matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Aaliyah Channer also worked on M&A matters, Han Wen Zhang worked on capital markets matters, Scarlett A. Neely worked on executive compensation and benefits matters and Avery P. Bernstein worked on litigation matters.