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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Paramount Skydance and Warner Bros. Discovery said they expect their merger to close on October 6, 2026, but as of October 2 it had not closed and remained subject to customary closing conditions. David Ellison announced that the combined company will be named Skydance; WBD shareholders are set to receive cash consideration of $31.00 per share, plus a small daily amount that increases with the closing date.
When is the Paramount–Warner Bros. Discovery merger expected to close?
The companies announced October 6, 2026, as the expected closing date. That date was still an expectation on October 2, not confirmation that the transaction had closed. Closing remained subject to customary conditions. Under the announced structure, Prince Sub Inc., a wholly owned Paramount Skydance subsidiary, will merge into WBD, and WBD will survive as a wholly owned subsidiary of Paramount Skydance.
How much will WBD shareholders receive?
WBD’s merger agreement sets cash consideration of $31.00 for each WBD common share, without interest, plus a daily ticking amount for each calendar day elapsed after September 30, 2026, through and including the closing date. The agreement states the daily amount as $0.00277778 per share, subject to its terms.
| Basis | Amount per WBD common share | What it means |
|---|---|---|
| Merger agreement | $31.00 plus $0.00277778 per elapsed calendar day after September 30, 2026 | Contractual cash consideration without interest, subject to the agreement’s terms. Source: WBD SEC filing, 2026. |
| Expected October 6 closing | $31.01666668 | The companies’ calculation if closing occurs on October 6; it is conditional, not a confirmed final payment. Source: Paramount Skydance and WBD, 2026. |
The per-share figure changes with the actual closing date because of the ticking amount. The $31.01666668 figure should therefore not be treated as final unless the transaction closes on the date used for that calculation.
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The Associated Press described the merger as an $81 billion deal. That is AP’s characterization; it is not the per-share cash amount, and the available information does not establish a valuation basis for comparing it with other deal-value figures.
What approvals and court action remain relevant?
The federal antitrust review
On June 12, the U.S. Department of Justice Antitrust Division said it had completed its investigation and determined, based on the evidence it received, that the merger was not likely to harm competition or American consumers in streaming video on demand, linear television, or film development, production, or theatrical distribution. That was the DOJ’s assessment, not a court finding or a guarantee about future market effects.
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The states’ lawsuit and consent decree
A separate case brought by 12 states alleged that the merger would harm competition. On September 30, the federal court entered the consent decree agreed by the states, Paramount, and WBD, and modified the no-close order to permit the merger to proceed. This resolved the states’ lawsuit and removed that identified restriction, but did not itself complete the transaction; the companies still described closing as expected and conditional.
The decree imposes obligations on the combined company, including a five-year film-release commitment. The SEC filing describes minimums of 30 U.S. releases in each of the first two commitment years and 32 in each of the following three years, along with specified wide-release and independent-film minimums. At least half of the films counted toward each annual commitment must be produced or jointly produced by the combined entity.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe AP also reported a $47.5 million commitment for worker training and career development over five years, separate negotiations concerning current Paramount and WBD basic cable channels during that period, and an editorial independence board for CBS and CNN. These are reported settlement provisions, not predictions about how the businesses or their markets will perform.
What will the combined company be called?
On October 2, David Ellison announced that the combined company would be named Skydance. The announcement concerns the company’s future identity after closing; the merger was still pending at the time. Ellison said the name gives the combined company an identity of its own while allowing Paramount, Warner Bros., and their brands to remain prominent.
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Axios reported that the expected stock ticker is SKYD. Treat that ticker as reported future information, not as confirmation that the merger had closed or that the ticker was already in use.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who is expected to lead the company?
The AP reported that Paramount announced Mattel CEO Ynon Kreiz would join David Ellison as co-CEO after closing. Under the announced plan, Kreiz is expected to manage day-to-day operations while Ellison focuses on strategy. These are post-closing leadership plans, not a description of an already combined company.
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Why did Netflix receive a termination fee?
WBD’s February merger agreement with Paramount Skydance was unanimously approved by the boards of both companies, according to WBD’s filing. It followed the termination of WBD’s merger agreement with Netflix. Paramount Skydance paid Netflix a $2.8 billion termination fee on WBD’s behalf under that agreement. The fee relates to ending the prior transaction; it is separate from the cash consideration payable per WBD share in the Paramount Skydance merger.
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