In this photo illustration, the logo of Warner Bros. Discovery is displayed on a computer screen in Ankara, Turkiye, on August 12, 2025. (Photo by Omer Taha Cetin/Anadolu via Getty Images)

Warner Bros Discovery has agreed to a deal with Paramount Skydance, the two companies confirmed Friday in a news release.

According to the release, under the terms of the agreement, Paramount plans to pay “$31.00 per share in cash for all outstanding shares of WBD.”

“The merger unlocks innovative and compelling storytelling opportunities across the combined company’s best-in-class film and television studios, streaming and linear platforms,” the release stated.

According to the release, the board of directors of both companies approved the deal unanimously.

The deal is expected to close in the third quarter of 2026, “subject to customary closing conditions, including regulatory clearances and approval by WBD shareholders, with a vote expected in the early spring of 2026.”