Paramount acquired Warner Bros for $110 billion

Paramount Skydance has signed a deal to acquire Warner Bros Discovery for $110 billion.

This is reported by Reuters .

According to Warner Bros. Chief Revenue and Strategy Officer Bruce Campbell, Netflix had the right to double Paramount’s offer, but did not take advantage of this opportunity.

“Netflix had the legal right to double Paramount’s offer. They chose not to. That led to the signing of the deal with Paramount this morning,” Campbell said.

The total value of the deal is $110 billion. Representatives of the parties have not yet provided additional comments.

The merger would be one of the biggest transformations in Hollywood’s media industry in recent years, with the combined company gaining access to a vast portfolio of intellectual property, including the “Fantastic Beasts” and “Matrix” franchises.

They also expect the streaming sector to strengthen due to the possible merger of the HBO Max and Paramount+ platforms, which will allow the new structure to compete more actively with Netflix in the global market.