Paramount wins historic bidding war for Warner Bros Discovery in $110 billion deal. Netflix withdrew its $27.75-per-share offer after Paramount matched $31 per share, creating a media giant combining CNN, CBS, and major franchises including Game of Thrones, Mission Impossible, and Harry Potter. The merger, expected to close in Q3 2026, will generate over $6 billion in annual savings through technology integration and operational streamlining. Paramount shares rose 3% while Netflix declined 1% on the news. The deal is backed by $47 billion in equity from the Ellison Family and RedBird Capital Partners, plus $54 billion in debt financing. California regulators are preparing vigorous antitrust review of this transformative entertainment industry consolidation.
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