Warner Bros. Discovery: A 147% Premium Per Share to Merge with Paramount
Warner Bros. Discovery has announced a special general meeting on April 23, 2026, to vote on the approval of the merger with Paramount Skydance.
Details of the Upcoming Special General Meeting
Warner Bros. Discovery will hold its special general meeting on April 23, 2026, at 10:00 AM Eastern Time, to present the merger with Paramount Skydance Corporation for shareholder voting. The company has begun sending the definitive proxy statement to shareholders. Shareholders registered as of March 20, 2026, at 5:00 PM Eastern Time, are eligible to vote at this meeting. Under the terms of the merger agreement, each Warner Bros. Discovery shareholder will receive $31.00 per share in cash, which represents a 147% premium over the unaffected share price of $12.54. The merger has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory approvals and shareholder approval.
Provisions if the Merger is Delayed
If the transaction is not completed by September 30, 2026, Warner Bros. Discovery shareholders will receive a fee of $0.25 per share per quarter (calculated daily) until the closing. The board of directors of Warner Bros. Discovery unanimously recommends that shareholders vote in favor of the merger. Allen & Company, J.P. Morgan, and Evercore are serving as financial advisors to Warner Bros. Discovery, while the law firms Wachtell, Lipton, Rosen & Katz, and Debevoise & Plimpton LLP are providing legal counsel.
