Paramount announces official merger agreement to acquire WBD

Paramount Skydance announced a merger agreement to acquire Warner Bros Discovery, just one day after Netflix threw in the towel.

Paramount and Netflix were locked in a months-long heated bidding war over WBD, which had fallen into financial disrepair. A February bid from Paramount proved too much for Netflix, and it announced Thursday that it wouldn’t increase its bid, clearing the way for Paramount. Paramount and WBD announced their official merger deal on Friday, greatly expanding the cultural juggernaut.