Paramount+, HBO Max, and Pluto TV will operate under one umbrella. The deal, currently awaiting regulatory approval, is expected to close in the third quarter.
Paramount Skydance Corporation revealed Friday that it has agreed to acquire Warner Bros. Discovery for cash—a transaction valued at $110 billion. The deal ends a hostile takeover bid and a bidding war for the company that included offers from Netflix.
Each company’s board unanimously signed off on the merger. Under the new deal, Paramount+, HBO Max, and Pluto TV will operate under one umbrella. Paramount is set to pay $31 per share for outstanding Warner Bros. Discovery shares.
