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antitrust

Paramount-Warner Bros. Discovery Merger Expected to Close October 6, 2026

Paramount and Warner Bros. Discovery announced an expected October 6, 2026 merger closing, subject to customary conditions. Here’s what had—and had not—happened as of October 3.

By TheFinanceBase Team 2 min read

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Paramount Skydance and Warner Bros. Discovery said they expect their merger to close on October 6, 2026, subject to customary closing conditions. As of October 3, the transaction had not closed. The U.S. Department of Justice had ended its investigation and a federal judge had approved a settlement with 12 states, but those milestones did not themselves complete the merger.

What is the current status of the Paramount-WBD deal?

The companies announced September 30 that they anticipated closing the merger on October 6, subject to customary closing conditions. That is an announced target date, not confirmation of a completed transaction. As of October 3, 2026, the target date was still in the future. Paramount and WBD’s announcement gives the date and qualification.

The Associated Press described the deal as worth $81 billion in its September 30 report. That figure is AP’s characterization, rather than a value stated in the companies’ announcement of the anticipated closing date. AP’s report also covered the court settlement.

Which regulatory and legal steps have occurred?

DOJ investigation

On June 12, 2026, the U.S. Department of Justice Antitrust Division announced that it had closed its investigation. That is a federal antitrust procedural milestone; it is not evidence that every closing condition had been satisfied. The DOJ statement records the investigation’s closure.

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Settlement with 12 states

On September 30, a federal judge approved Paramount’s settlement with 12 state attorneys general, according to AP. The approval cleared that litigation step and allowed the merger to move toward closing, but the companies still described closing as subject to customary conditions. AP’s coverage reports the court approval.

How did Paramount’s proposal win out over Netflix?

The transaction followed a contest with Netflix. Paramount confirmed it submitted a revised proposal on February 24, 2026. Two days later, WBD said its board determined that proposal constituted a “Company Superior Proposal” under WBD’s merger agreement with Netflix. WBD described Paramount’s revised proposal as $31 per WBD share in cash, along with additional deal protections. Those terms describe the proposal at that point in the process, not a newly stated per-share valuation as of October. Paramount’s February 24 announcement and WBD’s February 26 announcement document the proposal process.

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What will the combined company be called?

David Ellison announced that the combined company would be called Skydance, Axios reported on October 2, 2026. The name concerns the company after a merger closes; it does not mean the deal had already closed as of October 3. Axios also reported Ellison’s statement that Paramount and Warner Bros. and their brands would remain in the spotlight, so the announcement should not be read as saying those consumer brands are disappearing. Axios’s report covers the announcement.

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Deal timeline

Date Event
February 24, 2026 Paramount confirmed submission of a revised proposal to acquire WBD. Source
February 26, 2026 WBD’s board said Paramount’s proposal qualified as a “Company Superior Proposal” under its Netflix merger agreement; WBD described the offer as $31 per share in cash. Source
June 12, 2026 The DOJ Antitrust Division announced it had closed its investigation. Source
September 30, 2026 A federal judge approved Paramount’s settlement with 12 state attorneys general, AP reported. The companies also announced an anticipated October 6 closing date, subject to customary conditions. AP source; company announcement
October 2, 2026 David Ellison announced the combined company would be named Skydance, Axios reported. Source
October 6, 2026 Anticipated merger closing date announced by the companies; completion remained subject to customary closing conditions. Source

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