Story perspectives

Paramount, Warner Bros Discovery Approve $110 B Merger Amid Probes

5/28/2026

Summary

Paramount Merges

Paramount and Warner Bros. Discovery agreed to merge in a $110 billion transaction.
Shareholders approved the deal on April 23, 2026, pricing Warner shares at $31 cash each.
The merged firm will have roughly $79 billion net debt, 6.5 × EBITDA, and $81 billion equity value.
DOJ staff appeared convinced after a two-hour meeting, while state attorneys general led by Rob Bonta opened antitrust probes.

Summary

Warner Prices Loan

Discovery priced a $15 billion loan facility—$13 billion in dollars and €1.72 billion in euros—at 99.75 cents and a 2.5-percentage-point spread over benchmarks.
The dollar tranche was expanded twice, raising the target from $10 billion to $13.75 billion.
The smaller tranche may reach $2 billion.
Paramount Skydance hired antitrust lawyer Jeffrey Kessler to lead the legal defense of the $110 billion takeover.
Warner Bros. Discovery and Paramount Skydance shares rose 0.74 % and 3.18 % respectively after the loan pricing.

1 of 2

Paramount Merges

Paramount and Warner Bros. Discovery agreed to merge in a $110 billion transaction.
Shareholders approved the deal on April 23, 2026, pricing Warner shares at $31 cash each.
The merged firm will have roughly $79 billion net debt, 6.5 × EBITDA, and $81 billion equity value.
DOJ staff appeared convinced after a two-hour meeting, while state attorneys general led by Rob Bonta opened antitrust probes.

1 / 2