Cravath, Swaine & Moore LLP, Latham & Watkins, Wachtell, Lipton, Rosen & Katz, Debevoise & Plimpton LLP along with Cleary Gottlieb Steen & Hamilton LLP advised on Paramount Skydance’s $110 Billion acquisition of Warner Bros. Discovery.

On February 27, 2026, Paramount Skydance Corporation entered into a definitive agreement to acquire Warner Bros. Discovery, Inc. In an all-cash transaction valued at approximately $110 billion, representing one of the largest M&A transactions of the decade and the largest all-cash deal in corporate history.

Under the terms of the agreement, Paramount will acquire WBD for $31.00 per share, plus a ticking fee of $0.25 per share per quarter beyond September 30, 2026. The transaction follows Paramount’s earlier $30.00 per share tender offer announced in December 2025.

The acquisition includes both WBD’s Streaming & Studios division and its Global Linear Networks division and follows the termination of WBD’s previously announced merger agreement with Netflix after Paramount submitted a superior proposal.

Cravath is acting as legal counsel to Paramount in connection with the transaction.

The team is led by Partners Faiza J. Saeed, Daniel J. Cerqueira, Claudia J. Ricciardi, Alexander E. Greenberg and Minh Van Ngo and includes Associates Temiloluwa A. Dele-Dare, Colin L. Halvey and Joseph N. Kadoch on M&A matters.

Latham & Watkins LLP is also acting as legal counsel to Paramount and to the investor consortium, including the Ellison family.

The M&A team is led by Partners Ian Nussbaum (New York), Max Schleusener (Chicago), and Rick Offsay and Liliana Ranger (Los Angeles), supported by Associates Daniel Weissman, Maddy Berg, Sam Lehman, Emma Giusto, and Jamie Reinah.

Wachtell is serving as legal advisor to Warner Bros. Discovery (WBD).

The deal team included Partners Andrew J. Nussbaum, Karessa L. Cain, and Hannah Clark; Associates Steven A. Jaffe and Jacob D. Pearlman (Corporate); Partner Deborah L. Paul (Tax); Partners William Savitt and Ryan A. McLeod and Associate Brittany A. Fish (Litigation); Partner Gregory E. Pessin (Finance); and Counsel Pamela Ehrenkranz and Associate Nicholas G. Stringfellow (Trusts & Estates).

Debevoise is advising WBD on its sale to Paramount Skydance.

The team is led by M&A Partners Jonathan Levitsky, Erik Andrén, Gordon Moodie and Katherine Durnan Taylor.

Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel to the Special Committee of Paramount’s Board of Directors in connection with the transaction.