On Thursday, April 23, Warner Bros Discovery announced their approval of their merger with Paramount. The deal is worth $81 billion with Warner agreeing to sell Paramount at $31 a share. The total cost of the deal is nearly $111 billion, including debt.
The merger is due to be the second largest sum in U.S. history behind AOL and Time Warner’s deal back in 2000 which was worth around $165 billion. Paramount subscribers can be prepared to see platforms such as HBO Max, CNN, DC Studios and Discovery Networks all under one platform in the near future.
Paramount, which was bought last year by Skydance, was in competition with other popular media companies such as Netflix and Comcast/NBCUniversal. Netflix announced in December 2025 that they had entered a definitive agreement with Warner to acquire the company but the price rose and Netflix backed out of negotiations.
In a statement, David Zaslav, CEO of Warner Bros. Discovery said that stockholder approval marks “another key milestone toward completing this historic transaction.” Paramount added that it looks forward to closing in the coming months and “realizing the creation of a next-generation media and entertainment company.”
What to expect?
As the merger brings together two of the biggest media companies in the world, big titles follow suit. In a press release regarding the possible merger, Paramount provided subscribers and fans what could be possible.
“Together, Paramount and WBD will deliver greater choice for consumers through its leading streaming platforms with an exceptional intellectual property portfolio that has produced popular franchises such as Game of Thrones, Mission Impossible, Harry Potter, Top Gun, the DC Universe and SpongeBob SquarePants.”
CNN programming will have a new audience with popular shows such as Anderson Copper 360 and CNN News Central being on the same platform with Naked and Afraid and The Bachelor.
The biggest studios that have an opportunity to collaborate in this merger will be the movie studios of both Warner Bros and Paramount. Paramount has released notable titles such as Titanic, Transformers, Shrek, Forrest Gump, Interstellar and Kung Fu Panda. Warner is home to Lord of the Rings, The Dark Knight, The Hobbit, Inception and Harry Potter. The two movie studios will have the opportunity to create blockbuster movies with one another.
Layoffs Incoming?
Many will question if the merger means layoffs for people already in both companies. Paramount executives have tried to reassure its employees that the majority of jobs will be fine as they seek $6 billion-plus in synergies within three years of closing its acquisition of Warner Bros. Discovery.
“It’s important to note that the majority of our synergy target comes from non-labor sources among the efficiencies we have identified,” David Ellison, CEO of Paramount, said on a call with Wall Street media analysts to discuss the merger. He said cuts would not touch production capacity.
No one will know what will happen until the merger is official but current employees of both companies are being told they have nothing to worry about.
