Paramount-WBD $110B Megamerger Closes as Skydance

The road to completion was not smooth. Paramount announced in February that it would acquire Warner Bros. following a bidding battle with Netflix, which had previously reached an agreement to buy Warner Bros.' film and TV studios and streaming business, excluding its cable networks, per TechCrunch. Paramount sweetened its bid by promising shareholders extra cash if the deal failed to close by a deadline and agreeing to cover the breakup fee Warner Bros. would owe Netflix.

The deal cleared its last major hurdle last month after a settlement with 12 states that had sued to block it over antitrust concerns. Under that settlement, Skydance must release a minimum number of theatrical films over the next five years, starting with 30 in years one and two, and spend at least $300 million more on US production than the two companies spent combined last year, according to The Verge.

The combined company reports annual revenue of nearly $70 billion, but Engadget notes, citing Variety, that it will immediately carry $80 billion in debt. Skydance Class B shares begin trading today on the New York Stock Exchange under the ticker SKYD, while WBD shares cease trading on NASDAQ.

• $110 billion acquisition price
• Nearly $70 billion in annual revenue
• $80 billion in debt, per Variety
• Skydance shares trade on NYSE as SKYD; WBD delisted from NASDAQ

For Tunisian viewers, the merger will not change what they can watch today, but it could reshape streaming options over time. HBO Max and Paramount+ now belong to the same company, which may lead to bundle offers or price changes in markets where both services operate. Neither company has announced specific plans for Tunisia or North Africa.

If you follow Hollywood franchises or invest in US media stocks, this is a story to watch. The new Skydance will control a large share of global entertainment production and distribution, and its debt load could affect future decisions on pricing, content and expansion into markets like ours.