Learn more about Paramount's planned acquisition of Warner Bros. Discovery — a historic Hollywood megadeal valued at $111 billion — as it continues to develop.

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Paramount is set to acquire all of Warner Bros. Discovery's assets — including HBO, CNN, studios, and streaming platforms — for $111 billion, outbidding Netflix which had previously agreed to a $82.7 billion deal for WBD's studios and streaming. The bidding war unfolded over several months, with WBD's board repeatedly rejecting Paramount's earlier offers over debt concerns before ultimately engaging with Paramount's raised $31-per-share bid. Netflix declined to match and withdrew. The deal faces significant hurdles: Paramount will assume roughly $33 billion of WBD's debt backed by a $54 billion debt commitment and $45.7 billion in equity from Larry Ellison. Regulatory scrutiny is intense, with 11 state attorneys general urging DOJ review, a California AG investigation, and political concerns around Ellison's ties to the Trump administration and potential editorial influence over CNN. The deal timeline remains uncertain pending board approval and regulatory clearance.

What to know about the landmark Warner Bros. Discovery sale