{
  "title": "Paramount Skydance Wins Legal Battle Over $110 Billion Warner Bros. Acquisition",
  "publisher": "Acquiry Deal Intelligence",
  "author": "Joash Boyton",
  "url": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/",
  "published": "2026-09-22",
  "updated": "2026-10-03",
  "licence": "Free to reference with attribution to Acquiry Deal Intelligence and a link to the source URL.",
  "rows": [
    {
      "dataset": "key-figures",
      "id": "stat-enterprise-value",
      "label": "Reported enterprise value of Paramount Skydance's acquisition of Warner Bros. Discovery",
      "value": "US$110.0bn",
      "provenance": "disclosed",
      "note": "Company-stated in Paramount's 27 February 2026 transaction announcement.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/#stat-enterprise-value"
    },
    {
      "dataset": "key-figures",
      "id": "stat-implied-net-debt",
      "label": "Implied signing-date net debt",
      "value": "US$29.1bn",
      "provenance": "calculated",
      "note": "Acquiry calculation: US$110.0bn enterprise value less US$80.9bn signing-date equity value.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/#stat-implied-net-debt"
    },
    {
      "dataset": "key-figures",
      "id": "stat-ticking-daily",
      "label": "Modelled daily ticking consideration after 30 September 2026",
      "value": "US$6.96m a day",
      "provenance": "calculated",
      "note": "US$0.00277778 per share per day × 2,506,768,389 shares outstanding on the special-meeting record date. The actual closing population may differ.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/#stat-ticking-daily"
    },
    {
      "dataset": "key-figures",
      "id": "stat-synergized-ebitda",
      "label": "Fully synergized 2026 EBITDA implied by the 7.5× headline multiple",
      "value": "≈US$14.7bn",
      "provenance": "calculated",
      "note": "Acquiry back-solve: US$110bn ÷ 7.5×. A management valuation basis, not reported EBITDA.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/#stat-synergized-ebitda"
    },
    {
      "dataset": "key-figures",
      "id": "stat-film-floor",
      "label": "Minimum U.S. theatrical releases across the proposed five-year decree",
      "value": "156 films",
      "provenance": "calculated",
      "note": "30 a year in years one and two, 32 a year in years three to five, per the proposed consent decree filed 21 September 2026.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/#stat-film-floor"
    },
    {
      "dataset": "key-figures",
      "id": "stat-production-spend",
      "label": "Minimum incremental U.S. production spending over five years",
      "value": "US$1.5bn",
      "provenance": "calculated",
      "note": "At least US$300m a year against the companies' 2025 baseline, per the proposed consent decree.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/#stat-production-spend"
    },
    {
      "dataset": "key-facts",
      "id": "fact-1",
      "label": "Enterprise value",
      "value": "US$110.0bn",
      "provenance": "disclosed",
      "note": "Company-stated. Includes the value attributable to equity and assumed WBD net debt.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-2",
      "label": "Equity value",
      "value": "US$80.9bn",
      "provenance": "disclosed",
      "note": "At signing, per Paramount's June-quarter 10-Q.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-3",
      "label": "Consideration",
      "value": "US$31.00 cash per share",
      "provenance": "disclosed",
      "note": "Per eligible WBD Series A share, plus ticking consideration if closing occurs after 30 September 2026.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-4",
      "label": "Headline multiple",
      "value": "7.5× synergized 2026 EBITDA",
      "provenance": "disclosed",
      "note": "Company-stated forward measure, not a trailing reported multiple.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-5",
      "label": "Synergies",
      "value": "More than US$6.0bn",
      "provenance": "disclosed",
      "note": "Company target, expected within three years.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/"
    },
    {
      "dataset": "key-facts",
      "id": "fact-6",
      "label": "Status",
      "value": "Settled, court entry pending",
      "provenance": "disclosed",
      "note": "Joint motion for consent decree and dissolution of the no-close order filed 21 September 2026. No revised closing date confirmed.",
      "sources": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm | https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm | https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "permalink": "https://www.acquiry.com/deal-intelligence/paramount-skydance-wins-legal-battle-over-110-billion-warner-bros-acquisition/"
    }
  ],
  "sources": [
    {
      "id": "s1",
      "title": "Warner Bros. Discovery Form 8-K and merger agreement disclosure",
      "href": "https://www.sec.gov/Archives/edgar/data/1437107/000143710726000018/disca-20260227.htm",
      "publisher": "SEC",
      "date": "27 February 2026",
      "isoDate": "2026-02-27",
      "kind": "SEC filing"
    },
    {
      "id": "s2",
      "title": "Paramount Skydance Form 8-K: merger structure, equity commitments and guarantee",
      "href": "https://www.sec.gov/Archives/edgar/data/1437107/000110465926021914/tm2533570d75_dfan14a.htm",
      "publisher": "SEC",
      "date": "27 February 2026",
      "isoDate": "2026-02-27",
      "kind": "SEC filing"
    },
    {
      "id": "s3",
      "title": "Paramount Skydance Form 10-Q for the quarter ended 30 June 2026",
      "href": "https://www.sec.gov/Archives/edgar/data/2041610/000204161026000054/psky-20260630.htm",
      "publisher": "SEC",
      "date": "30 June 2026",
      "isoDate": "2026-06-30",
      "kind": "SEC filing"
    },
    {
      "id": "s4",
      "title": "Warner Bros. Discovery Form 8-K: special meeting voting results",
      "href": "https://www.sec.gov/Archives/edgar/data/1437107/000119312526173660/d435468d8k.htm",
      "publisher": "SEC",
      "date": "23 April 2026",
      "isoDate": "2026-04-23",
      "kind": "SEC filing"
    },
    {
      "id": "s5",
      "title": "Paramount transaction announcement filed with the SEC",
      "href": "https://www.sec.gov/Archives/edgar/data/2041610/000110465926021911/tm2533570d75_ex99-1.htm",
      "publisher": "Paramount Skydance / SEC",
      "date": "27 February 2026",
      "isoDate": "2026-02-27",
      "kind": "Press release"
    },
    {
      "id": "s6",
      "title": "California Attorney General settlement announcement",
      "href": "https://oag.ca.gov/news/press-releases/attorney-general-bonta-announces-settlement-warner-brosparamount-litigation",
      "publisher": "California Attorney General",
      "date": "21 September 2026",
      "isoDate": "2026-09-21",
      "kind": "Government"
    },
    {
      "id": "s7",
      "title": "Joint motion to enter consent decree and dissolve the no-close order",
      "href": "https://oag.ca.gov/system/files/attachments/press-docs/ecf-243-joint-motion-enter-consent-decree-and-dissolve-stipulation-and-order-not-close-re-170-order.pdf",
      "publisher": "U.S. District Court",
      "date": "21 September 2026",
      "isoDate": "2026-09-21",
      "kind": "Court filing"
    },
    {
      "id": "s8",
      "title": "Proposed consent decree, State of California et al. v. Paramount Skydance and WBD",
      "href": "https://ag.ny.gov/sites/default/files/settlements-agreements/california-et-al-v-paramount-skydance-corp-warner-bros-discovery-inc-consent-decree-2026.pdf",
      "publisher": "New York Attorney General",
      "date": "21 September 2026",
      "isoDate": "2026-09-21",
      "kind": "Court filing"
    },
    {
      "id": "s9",
      "title": "Antitrust Division closing statement on the Paramount merger investigation",
      "href": "https://www.justice.gov/opa/pr/statement-department-justice-antitrust-division-closing-its-investigation-merger-paramount",
      "publisher": "U.S. Department of Justice",
      "date": "12 June 2026",
      "isoDate": "2026-06-12",
      "kind": "Regulator"
    },
    {
      "id": "s10",
      "title": "European Commission merger case M.12278",
      "href": "https://competition-cases.ec.europa.eu/cases/M.12278",
      "publisher": "European Commission",
      "date": "22 July 2026",
      "isoDate": "2026-07-22",
      "kind": "Regulator"
    },
    {
      "id": "s11",
      "title": "Paramount / Warner Bros. Discovery merger inquiry",
      "href": "https://www.gov.uk/cma-cases/paramount-slash-warner-bros-discovery-merger-inquiry",
      "publisher": "UK Competition and Markets Authority",
      "date": "6 August 2026",
      "isoDate": "2026-08-06",
      "kind": "Regulator"
    },
    {
      "id": "s12",
      "title": "Paramount Skydance moves to protect against costs of delay to WBD merger",
      "href": "https://ir.paramount.com/news-releases/news-release-details/paramount-skydance-moves-protect-against-costs-delay-wbd-merger",
      "publisher": "Paramount Skydance",
      "date": "8 September 2026",
      "isoDate": "2026-09-08",
      "kind": "Press release"
    },
    {
      "id": "s13",
      "title": "Paramount extension of WBD note exchange and tender offers",
      "href": "https://ir.paramount.com/news-releases/news-release-details/paramount-skydance-corporation-announces-extension-expiration-7",
      "publisher": "Paramount Skydance",
      "date": "21 September 2026",
      "isoDate": "2026-09-21",
      "kind": "Press release"
    },
    {
      "id": "s14",
      "title": "Paramount Skydance Q2 2026 shareholder letter",
      "href": "https://ir.paramount.com/static-files/c9f357bd-b8f1-4c7d-8789-a369038b9df5",
      "publisher": "Paramount Skydance",
      "date": "Q2 2026",
      "isoDate": "2026-08-07",
      "kind": "Company report"
    },
    {
      "id": "s15",
      "title": "Warner Bros. Discovery Q2 2026 earnings release",
      "href": "https://s201.q4cdn.com/336605034/files/doc_earnings/2026/q2/earnings-result/WBD-2Q26-Earnings-Release.pdf",
      "publisher": "Warner Bros. Discovery",
      "date": "Q2 2026",
      "isoDate": "2026-08-07",
      "kind": "Company report"
    },
    {
      "id": "s16",
      "title": "Paramount-WBD transaction investor presentation",
      "href": "https://ir.paramount.com/static-files/b2df9747-1012-49b7-ad0d-0be311a6f65b",
      "publisher": "Paramount Skydance",
      "date": "2 March 2026",
      "isoDate": "2026-03-02",
      "kind": "Investor presentation"
    },
    {
      "id": "s17",
      "title": "WGA stipulation and proposed order to dissolve no-close order",
      "href": "https://storage.courtlistener.com/recap/gov.uscourts.cand.474275/gov.uscourts.cand.474275.110.0.pdf",
      "publisher": "U.S. District Court, N.D. Cal.",
      "date": "21 September 2026",
      "isoDate": "2026-09-21",
      "kind": "Court filing"
    },
    {
      "id": "s18",
      "title": "WGA settles lawsuit over Paramount Skydance-Warner Bros. merger",
      "href": "https://variety.com/2026/film/news/wga-settles-lawsuit-paramount-skydance-warner-bros-merger-1236871354/",
      "publisher": "Variety",
      "date": "21 September 2026",
      "isoDate": "2026-09-21",
      "kind": "Trade reporting"
    },
    {
      "id": "s19",
      "title": "Warner Bros signs $110 billion deal with Paramount",
      "href": "https://www.reuters.com/sustainability/sustainable-finance-reporting/warner-bros-signs-110-billion-deal-with-paramount-its-executive-discloses-2026-02-27/",
      "publisher": "Reuters",
      "date": "27 February 2026",
      "isoDate": "2026-02-27",
      "kind": "Reported"
    },
    {
      "id": "s20",
      "title": "Paramount Skydance settlement in Warner Bros $110 billion deal",
      "href": "https://www.cnbctv18.com/business/paramount-skydance-settlement-warner-bros-110-billion-dollar-deal-19995430.htm/amp",
      "publisher": "CNBC-TV18",
      "date": "22 September 2026",
      "isoDate": "2026-09-22",
      "kind": "Reported"
    }
  ]
}