Yes, Paramount’s hostile bid for Warner Bros. Discovery (WBD) ultimately led to an acquisition—but the $108.4 billion figure refers to Paramount’s initial offer’s stated enterprise value, not the cash paid per share at closing. The deal closed on October 6, 2026, and the combined company is called Skydance.
What did Paramount’s $108.4 billion offer mean?
On December 8, 2025, Paramount announced a hostile, all-cash tender offer of $30 per WBD share. Paramount described the offer’s enterprise value as $108.4 billion and said it covered all of WBD, including its Global Networks segment. Paramount’s offer announcement also cited a $12.54 unaffected WBD share price and characterized its offer as a 139% premium. Those figures and that premium framing were the bidder’s statements, not an independent valuation.
| # | Preview | Product | Price | |
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| 1 |
![Best of Warner Bros. 50 Film Collection (BD) [Blu-ray]](https://m.media-amazon.com/images/I/51qrQaTrIWL._SL160_.jpg)
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Best of Warner Bros. 50 Film Collection (BD) [Blu-ray] | $259.95 | Buy on Amazon |
| 2 |
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Venture Bros.: Radiant is the Blood of the Baboon Heart (Blu-ray) | $10.89 | Buy on Amazon |
| 3 |
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Maverick (BD) | $11.99 | Buy on Amazon |
| 4 |
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Maltese Falcon, The (4K Ultra HD + Blu-ray) | $17.99 | Buy on Amazon |
| 5 |
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WB 100th 25Film Collection Vol 1 Award Winners (Blu-ray) | $199.00 | Buy on Amazon |
Enterprise value is not the same thing as equity value or the amount an individual shareholder receives per share. The $108.4 billion headline therefore should not be read as the final per-share payment or as a measure of cash distributed to WBD shareholders.
How did the offer become a completed acquisition?
- December 8, 2025: Paramount launched its $30-per-share all-cash hostile tender offer for all WBD shares, including Global Networks. It stated an enterprise value of $108.4 billion. Read the offer announcement.
- February 27, 2026: WBD, Paramount Skydance, and acquisition subsidiary Prince Sub entered into a merger agreement. The agreement set cash consideration at $31 per share, with an additional amount accruing after September 30, 2026. The SEC-filed merger proxy describes the agreement and its terms.
- September 30, 2026: The companies said they expected to close on October 6 and calculated the per-share amount for that anticipated closing date as $31.01666668. The joint announcement filed with the SEC gave the expected date and amount.
- October 6, 2026: Skydance announced that the acquisition had closed, WBD shares had ceased trading, and shareholders received $31.01666668 per share in cash. The combined company took the name Skydance. Read the completion announcement.
What did WBD shareholders receive?
The final amount reported at closing was $31.01666668 in cash per WBD share. That is distinct from both the initial $30-per-share tender offer and its $108.4 billion enterprise-value headline.
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The merger agreement provided for $31 per share plus $0.00277778 for each calendar day after September 30, subject to the agreement’s cap. The final amount reflects the announced October 6 closing date; it should not be mistaken for a recurring payment or a current share price.
How should the Netflix comparison be understood?
The deal’s terms changed as the process advanced, so comparisons need to specify which stage they mean. Paramount’s December 2025 proposal was a hostile tender offer for all of WBD, including Global Networks. The later February 2026 merger agreement was a signed transaction at $31 per share plus the contractually defined ticking amount. The initial $30 offer and its enterprise-value figure are not interchangeable with the later per-share terms.
The Associated Press reported on October 6, 2026, that Netflix exited after Paramount raised its offer to $31 per share. That history does not make the competing proposal equivalent to the completed transaction: proposal scope, consideration, and transaction stage are separate comparison points. The AP’s same-day report recounts the bidding sequence.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What changes—and what remains a company plan?
The combined company’s completion announcement says Paramount+ and HBO Max are among its services, and that direct-to-consumer services are expected to unify over time. That is a stated plan, not confirmation that the services have already merged.
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- Maverick [Blu-ray]
- PHYSICAL_MOVIE
- warner home video
Skydance also announced targets including at least 30 theatrical films per year, more than 180 television shows and series, and more than $6 billion in run-rate synergies within three years. These are company output claims and targets, not independently demonstrated results. The completion announcement cautions that actual results could differ.
In the same announcement, Skydance chairman and CEO David Ellison called the closing “a historic day, not just for Skydance but for our entire industry.” That is Ellison’s characterization of the transaction.
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Rank #4
- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
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