business•3 min read•10/9/2026•7 views

Paramount Closes Warner Bros. Discovery Deal: What the Hollywood Mega-Merger Means for Streaming, CNN and CBS

Paramount Skydance has closed its roughly $110 billion acquisition of Warner Bros. Discovery after settling with 12 states and the Writers Guild, with a judge approving the consent decree on September 30.

Paramount Completes Its $110 Billion Takeover of Warner Bros. Discovery

Paramount Skydance has completed its acquisition of Warner Bros. Discovery (WBD), according to CNBC's reporting on the deal timeline, which said the transaction closed on Tuesday, October 6, 2026. The deal, valued at about $110 billion including debt, ends a months-long fight that included a bidding war with Netflix, a multi-country regulatory review and a lawsuit by U.S. states.

How the Deal Got Here

Date	Milestone
Late Feb 2026	WBD agrees to Paramount's $31-per-share cash offer after Netflix declines to match
June 12	U.S. Justice Department approves the merger
July 22	EU antitrust regulators approve, with concessions on European film distribution
July	12 state attorneys general, led by California, sue to block the deal
Aug 17	Paramount says it has cleared reviews in 68 jurisdictions worldwide
Sept 21	Paramount settles with the states and the Writers Guild of America
Sept 30	U.S. District Judge Araceli Martínez-Olguín approves the consent decree
Oct 6	Deal reported as closed

What the Settlement Included

At least $300 million more per year in U.S. film production
U.S. theatrical release commitments for five years
A news editorial independence board for CBS and CNN
No major asset divestitures required, according to Variety sources

The settlement also let Paramount avoid a $7 million-a-day ticking fee owed to WBD shareholders for each day the deal stayed open after September 30.

What Changes for Viewers

Paramount has said it plans to combine Paramount+ and HBO Max into one streaming service after the merger, though details have not been laid out. The combined company brings together two major film studios, CBS, CNN, HBO and other networks.

Critics Remain

The Writers Guild settled its case but said it still believes the deal will damage the industry. Critics argue consolidation will cost Hollywood jobs and reduce competition. Supporters, including some theater chains and other unions, backed a settlement.