February 28, 2026 | 11:34 am
TEMPO.CO, Jakarta - Warner Bros. Discovery Friday signed a formal agreement to be acquired by Paramount, the two companies said Friday.
Paramount's bid, which stands at more than $110 billion (€93 billion), comes after Netflix dropped out of its bidding warfor the storied Hollywood studio.
The acquisition also means that Paramount will be the new owner of the HBO Max streaming business and major news broadcaster CNN.
Paramount-WBD sign merger deal: What to know
The deal will see Paramount pay $31 a share for Warner Bros. Discovery as well as a $7 billion regulatory termination fee in the event the transaction falls through because of regulatory matters.
Paramount has deep political connections to the Trump administration, which could get it federal regulatory approval for its deal.
California State Attorney General Rob Bonta said on Thursday that California is already investigating the deal and will be "vigorous" in its review.
Paramount, which owns CBS and MTV, was sold last year to media company Skydance.
Paramount Skydance is led by David Ellison, the son of tech titan Larry Ellison, who is one of the richest people in the world and a close ally of President Donald Trump.
Paramount-WBD merger raise media concerns
The new merger will put CNN under the same corporate umbrella as CBS News. CBS News, whose parent company was Paramount, has undergone many changes since being taken over by Skydance.
Bari Weiss, the editor-in-chief of CBS News, has accused mainstream media of liberal bias and has earned praise from Donald Trump. Weiss was handpicked by David Ellison to lead the news organization.
"CNN employees and viewers have serious concerns about whether Paramount CEO David Ellison will uphold the news network’s editorial independence amid severe political turbulence," CNN media analyst Brian Stelter wrote on Friday.
Paramount and Warner Bros. Discovery said they expect more than $6 billion in savings, driven by technology integration, corporate efficiencies and streamlining operations.
Read: Netflix Bows Out of Warner Bros. Bid, Paramount Set to Win
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