New York, September 30, 2026 /PRNewswire/ — Paramount Skydance Corporation (Nasdaq: PSKY, referred to as “PSKY”) and Warner Bros. Discovery, Inc. (Nasdaq: WBD, referred to as “WBD” or “Warner Bros. Discovery”) today announced that the merger (the “Merger”) contemplated by the Agreement and Plan of Merger dated February 27, 2026 (the “Merger Agreement”) is expected to close on October 6, 2026 (the “Expected Closing Date”), subject to the satisfaction of customary closing conditions.
As previously disclosed, at the effective time of the merger (the “Effective Time”), each outstanding share of WBD common stock immediately prior to the Effective Time (excluding shares to be canceled without consideration or shares with respect to which appraisal rights have been properly exercised) shall be converted into the right to receive, without interest, an amount equal to: (x) $31.00, plus (y) (i) $0.00277778 multiplied by (ii) the number of calendar days from September 30, 2026, through and including the closing date of the merger (the “Closing Date”).
Therefore, if the delivery date occurs on the anticipated delivery date, at the effective time, each share of the aforementioned WBD common stock will be converted into the right to receive $31.01666668 in cash, without interest.
About Warner Bros. Discovery
Warner Bros. Discovery is a leading global media and entertainment company that creates and delivers the world’s most differentiated and comprehensive portfolio of branded content across television, film, streaming, and gaming. Warner Bros. Discovery inspires, informs, and entertains audiences worldwide through its iconic brands and products, including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, and Hogar de HGTV.
About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation (Nasdaq: PSKY), is a leading next-generation global media and entertainment company composed of three business segments: Studio, Direct-to-Consumer, and Television Media. The company’s portfolio of brands includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, SHOWTIME®, Paramount+, Pluto TV, Skydance Animation, Film, Television, and Interactive/Games, as well as the newly established Paramount Sports Entertainment. For more information, visit www.paramount.com.
Cautionary Statement Regarding Forward-Looking Statements
The information contained in this communication constitutes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding WBD’s expectations, beliefs, intentions, or strategies for the future, which can be identified by forward-looking terminology such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would,” or similar expressions. These forward-looking statements are based on current expectations, forecasts, and assumptions and involve risks and uncertainties, and are based on information available to Warner Bros. Discovery as of the date of this filing.
Forward-looking statements include, but are not limited to, statements regarding the expected benefits of the merger, future financial and operating performance, plans, objectives, expectations, and intentions of the combined company, and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of WBD’s management and are subject to significant risks and uncertainties beyond the company’s control. Risks and uncertainties that could cause actual results to differ materially from those described or implied in the forward-looking statements include: (1) the merger may not be completed on the expected terms or timeline, or at all; (2) any event, change, or other circumstance may occur that could lead to termination of the merger; (3) any closing conditions related to the merger may not be satisfied in a timely manner; (4) litigation risks associated with the merger; (5) the risk that management’s attention may be diverted from day-to-day business operations due to the merger; (6) the impact of the merger announcement, pending status, or completion on WBD’s ability to retain customers, retain and hire key personnel, and maintain relationships with suppliers, distributors, advertisers, content providers, and other business partners, as well as its effect on operating performance and overall business; (7) adverse effects on the market price of WBD’s common stock due to the merger announcement or completion; (8) risks related to general economic, political, and market factors that may affect the company or the merger; (9) inherent uncertainties in estimates and assumptions used in preparing financial projections; (10) the ability to obtain or complete financing or refinancing related to the merger; and (11) WBD’s or PSKY’s management’s responses to any of the above factors. Due to risks and uncertainties associated with its business, including those related to the merger, WBD’s actual results may differ materially from those described or implied in the above statements. Additional discussions of risks and uncertainties are contained in WBD’s filings with the U.S. Securities and Exchange Commission, including but not limited to WBD’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and WBD’s definitive proxy statement filed in connection with the merger. WBD has no obligation and expressly disclaims any obligation to update, modify, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, regardless of whether new information, future events, or other circumstances arise, except as required by applicable law. Readers of this communication are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.
WBD investor contact information:
[email protected]
212-548-5882
WBD Media Contact:
Megan Klein
[email protected]
310-210-5018
Joe Libonati
[email protected]
917-287-6763
Paramount Investor Contact Information:
Kevin Creighton
[email protected]
Logan Thomas
[email protected]
Paramount Media Contact:
Melissa Zukerman
[email protected]
Laura Watson
[email protected]