In the acquisition race for U.S. media conglomerate Warner Discovery, Paramount emerged victorious. The two companies announced on Friday that they had reached a definitive merger agreement, following Netflix’s earlier withdrawal of its offer. Paramount will pay $31.00 in cash for each outstanding Warner Discovery share, valuing the deal at approximately $110 billion. Both boards approved the transaction unanimously, as reported.

The closing of the deal is contingent on regulatory approval and on Warner shareholders’ consent by the end of the third quarter of 2026. If the transaction is not completed by September 30, Warner shareholders will receive a quarterly payment of $0.25 per share until the merger is finalized.