The UK’s Competition and Markets Authority has approved Paramount Skydance’s $110.9 billion acquisition of Warner Bros. Discovery, removing one of the last major regulatory barriers to this historic merger. The deal, announced on February 27, 2026, values WBD shares at $31 per share in cash and is expected to create a media group generating approximately $70 billion in annual revenue, with an estimated EBITDA of $16 billion and 207 million streaming subscribers. Netflix had previously explored acquiring WBD for approximately $82.7 to $83 billion, but Paramount Skydance ultimately outbid that interest by a substantial margin. The US Department of Justice granted antitrust clearance on June 12, 2026, and WBD shareholders had already approved the transaction on April 23, 2026.
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