Paramount Skydance has announced a landmark agreement to acquire Warner Bros. Discovery for $110.9 billion in an all-cash transaction. The deal, valued at $31 per share, is backed by a syndicate of 18 banks, including Citigroup and JPMorgan, which have committed up to $54 billion in debt financing. The remaining funds will come from new equity investments by the Ellison family and RedBird Capital. The acquisition, finalized on February 27, 2026, follows a competitive bidding process that saw Netflix's offer rejected in favor of Paramount's superior proposal. The merger is expected to generate over $6 billion in synergies, although it will also result in a combined net debt of approximately $80 billion. Regulatory approval is pending, with antitrust scrutiny anticipated due to the size of the transaction.