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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →The Warner Bros. Discovery sale is complete: Skydance Corporation acquired WBD on October 6, 2026, and WBD became a wholly owned subsidiary of Skydance. Under the merger terms, eligible WBD common shareholders became entitled to $31.01666668 in cash per share, subject to specified exceptions.
What WBD shareholders received under the merger terms
The merger provided $31.01666668 in cash for each eligible WBD common share, including ticking consideration, and specified that the payment would not include interest. The terms exclude shares canceled under the agreement and shares for which appraisal rights were properly exercised. The figure is the contractual per-share consideration; it is not the overall value of the transaction.
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For a former shareholder, the practical distinction is that this was a cash acquisition, not an exchange in which WBD shares automatically became Skydance shares. WBD shares ceased trading on Nasdaq on the closing date, and WBD requested their delisting. Shareholders should use their broker’s transaction statement and tax documents to confirm the proceeds and reporting for their own account. Tax treatment can depend on the account, cost basis, and individual circumstances; the merger announcement alone does not establish each investor’s tax result.
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The SEC filing and Associated Press report describe different transaction-value figures. They should be attributed to their sources rather than treated as interchangeable measures.
| Figure | What it describes | Source and qualification |
|---|---|---|
| Approximately $78 billion | Aggregate merger consideration payable by Skydance, funded with a combination of equity and debt financing | Warner Bros. Discovery Form 8-K filed with the SEC in 2026 |
| $81 billion | Headline description of the deal | Associated Press report dated September 30, 2026; this is AP’s characterization, not the SEC filing’s stated aggregate merger consideration |
The per-share cash amount answers what eligible WBD shareholders were entitled to under the merger terms. The aggregate and headline figures describe the transaction at a broader level, using measures that the cited sources do not present as identical.
What Skydance now controls
Skydance describes the combined company as bringing together Paramount and WBD film studios; two global streaming services; television assets including CBS and HBO; cable networks; CBS News and CNN; CBS Sports and TNT Sports; extensive content libraries; and franchises such as Top Gun, Harry Potter, The White Lotus, and SpongeBob SquarePants. This is the company’s description of its portfolio, not an independent assessment of how the assets will be operated or combined.
Rank #2
Skydance’s Class B shares began trading on the New York Stock Exchange under ticker SKYD on October 6, 2026, according to its completion announcement. That is distinct from the discontinued Nasdaq trading of WBD shares.
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Skydance announced plans and goals alongside the closing. They are forward-looking commitments or company-reported figures, not evidence that the outcomes have already been delivered.
Rank #3
- Theatrical releases: Skydance announced a commitment to release at least 30 theatrical films annually, each with a minimum 45-day theatrical window.
- Television output: The completion announcement cited more than 180 television shows and series as company output; this figure was not presented as an independently audited result.
- Streaming subscribers: Skydance said the combined company has more than 200 million subscribers across platforms. That is the company’s claim, not an independently verified count in the announcement.
- Synergies: Skydance is targeting at least $6 billion in run-rate synergies within three years. This is a target, not a statement of savings already achieved.
These plans do not by themselves establish what subscribers will pay, which services or shows will change, how many jobs will be affected, or whether the promised theatrical cadence and savings will materialize.
What the regulatory milestones establish
In the United Kingdom, the Department for Culture, Media and Sport’s collection records an August 6, 2026 public statement of no intervention on Public Interest Intervention or Foreign State Influence grounds. That records the UK government’s position on those grounds; it should not be read as a finding about every possible regulatory issue or the deal’s eventual effects.
Rank #4
In the United States, the Associated Press reported on September 30, 2026, that a federal judge approved Paramount’s settlement with 12 states. AP said the settlement included commitments to increase U.S. film production over five years, create a fund intended to support workers displaced by the merger, and establish new editorial monitoring of CNN and CBS. AP also reported that critics viewed the terms as too weak. Those are AP’s account of the settlement and reaction; the closing itself does not establish how the commitments will be enforced or what results they will produce.
What the sale means for consumers, workers, and investors
The ownership change puts major film, television, streaming, news, sports, and cable assets under one corporate group. That is the immediate structural consequence. The available closing announcements and reported settlement terms do not establish how programming, subscription prices, competition, employment, or editorial independence will change over time.
For investors, the confirmed financial event is the cash consideration owed under the merger terms for eligible shares, rather than an ongoing WBD equity position. For customers and employees, the company’s output and synergy targets are plans to track against future performance, not guarantees of a particular price, content lineup, or workforce outcome.
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