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Paramount Skydance made a $30-a-share cash tender offer for Warner Bros. Discovery on Dec 8, 2025

Prince Sub Inc., a Paramount Skydance subsidiary, and Paramount filed the Schedule TO on Dec 8, 2025, covering every outstanding Series A common share.

From the public record2 min read

Published Updated Filed
FormSC TO-T
FiledDec 8
CompanyWarner Bros. Discovery

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Paramount Skydance, through its subsidiary Prince Sub Inc., offered $30.00 a share in cash for all the outstanding Series A common stock of Warner Bros. Discovery. A tender offer asks shareholders directly to sell their shares at a set price, and the buyer reports it to the SEC on a Schedule TO. Prince Sub Inc. and Paramount filed the Schedule TO on Dec 8, 2025, with an Offer to Purchase dated December 8, 2025. The filing counts 2,477,974,509 shares outstanding as of Oct 23, 2025, taken from Warner Bros. Discovery's quarterly report for the period ended Sep 30, 2025. It also lists a commitment letter dated as of Dec 8, 2025 among Paramount, Bank of America, BofA Securities, Citigroup Global Markets, Apollo Global Funding and Apollo Capital Management.1234567

Warner Bros. Discovery is the parent of Warner Bros. Games, the publisher of Hogwarts Legacy, Mortal Kombat 1, Mortal Kombat Mobile, Gotham Knights, Suicide Squad: Kill the Justice League and LEGO Batman: Legacy of the Dark Knight. Its studios include Avalanche Software, NetherRealm Studios, Rocksteady Studios and TT Games.8910111213

The offer came after Warner Bros. Discovery and Netflix entered into a merger agreement on Dec 4, 2025, which Warner Bros. Discovery reported in an 8-K, the report a listed company files when something material happens, filed on Dec 5, 2025. A press release attached to a second 8-K filed the same day valued the cash-and-stock deal at $27.75 a share, with an enterprise value of about $82.7 billion and an equity value of $72.0 billion. The release gave those figures for a deal that would follow the separation of Discovery Global, which an 8-K filed Jan 20, 2026 described as a newly formed Warner Bros. Discovery subsidiary meant to own assets and businesses that Netflix was not acquiring. Enterprise value is the shares plus debt, less cash; equity value is the shares alone.141516171819202122

On Feb 27, 2026, Warner Bros. Discovery ended the Netflix agreement and entered into a merger agreement with Paramount Skydance at $31 a share in cash plus a ticking fee, which a press release attached to its 8-K valued at $81 billion in equity value and $110 billion in enterprise value. Its stockholders adopted that agreement at a special meeting on Apr 23, 2026. An 8-K filed Oct 6, 2026 reports the merger completed. Each Series A share, other than shares canceled for no consideration or ones whose holders exercised appraisal rights, was converted into the right to receive $31.01666668 in cash, which includes the ticking amount added for each day after Sep 30, 2026. The aggregate merger consideration payable was about $78 billion, what the shareholders were to be paid for their shares.23242526272829303132333435

Our records hold the text of the Schedule TO itself; the Offer to Purchase, the letter of transmittal and the other exhibits are not in them, so the offer's conditions, its expiry date and its financing are not told here.36

How each figure was checked36 facts
  1. the tender offer is for all outstanding Series A shares at $30.00 a share in cash$30.00 per shareSEC EDGAR, Schedule TO (SC TO-T) filed Dec 8, 2025 ↗
  2. who filed the Schedule TOfiled by Prince Sub Inc. and Paramount SkydanceSEC EDGAR, Schedule TO (SC TO-T) filed Dec 8, 2025 ↗
  3. the form is a Schedule TO tender offer statementSC TO-TOur database
  4. when the Schedule TO was filedDec 8, 2025Our database
  5. the Offer to Purchase is dated Dec 8, 2025December 8, 2025SEC EDGAR, Schedule TO (SC TO-T) filed Dec 8, 2025 ↗
  6. shares outstanding the filing counts from WBD's 10-Q2,477,974,509 shares outstanding as of October 23, 2025, per the quarterly report for the period ended September 30, 2025SEC EDGAR, Schedule TO (SC TO-T) filed Dec 8, 2025 ↗
  7. a commitment letter is listed as an exhibitDecember 8, 2025SEC EDGAR, Schedule TO (SC TO-T) filed Dec 8, 2025 ↗
  8. Warner Bros. Games' parentWarner Bros. DiscoveryOur database
  9. games Warner Bros. Games publishesGotham Knights (developer, publisher); Hogwarts Legacy (publisher); LEGO Batman: Legacy of the Dark Knight (publisher); Mortal Kombat 1 (publisher); Mortal Kombat Mobile (publisher); Suicide Squad: Kill the Justice League (publisher)Our database
  10. Avalanche Software's parentWarner Bros. GamesOur database
  11. NetherRealm Studios' parentWarner Bros. GamesOur database
  12. Rocksteady Studios' parentWarner Bros. GamesOur database
  13. TT Games' parentWarner Bros. GamesOur database
  14. WBD and Netflix entered into a merger agreement on Dec 4, 2025December 4, 2025SEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
  15. when WBD filed the 8-K that reports the Netflix agreementDec 5, 2025Our database
  16. per-share value of the Netflix deal$27.75 per WBD shareSEC EDGAR, press release attached to the 8-K filed Dec 5, 2025 ↗
  17. enterprise value of the Netflix deal$82.7 billionSEC EDGAR, press release attached to the 8-K filed Dec 5, 2025 ↗
  18. equity value of the Netflix deal$72.0 billionSEC EDGAR, press release attached to the 8-K filed Dec 5, 2025 ↗
  19. when WBD filed the second 8-K that carries the Dec 5, 2025 press releaseDec 5, 2025Our database
  20. the Dec 5, 2025 press release words the deal as following the separation of Discovery Globalfollowing the separation of Discovery GlobalSEC EDGAR, press release attached to the 8-K filed Dec 5, 2025 ↗
  21. what the Jan 20, 2026 8-K says Discovery Global isa newly formed subsidiary to own assets and businesses not being acquired by NetflixSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
  22. when WBD filed the Jan 20, 2026 8-KJan 20, 2026Our database
  23. WBD terminated the Netflix agreement on Feb 27, 2026February 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  24. WBD and Paramount Skydance entered into a merger agreement on Feb 27, 2026February 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
  25. price per share of the Paramount merger agreement$31 per shareSEC EDGAR, press release attached to the 8-K filed Feb 27, 2026 ↗
  26. equity value of the Paramount merger agreement$81 billionSEC EDGAR, press release attached to the 8-K filed Feb 27, 2026 ↗
  27. enterprise value of the Paramount merger agreement$110 billionSEC EDGAR, press release attached to the 8-K filed Feb 27, 2026 ↗
  28. WBD held a special meeting of stockholders on Apr 23, 2026April 23, 2026SEC EDGAR, Form 8-K filed Apr 23, 2026 ↗
  29. stockholders adopted the merger agreementapprovedSEC EDGAR, Form 8-K filed Apr 23, 2026 ↗
  30. when WBD filed the 8-K that reports the completionOct 6, 2026Our database
  31. the merger was consummatedMerger consummatedSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
  32. cash per share at completion$31.01666668SEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
  33. the ticking consideration accrues for each calendar day after Sep 30, 2026September 30, 2026SEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
  34. which shares were converted at completionshares other than those canceled for no consideration or with appraisal rights exercisedSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
  35. aggregate merger consideration at completion$78 billionSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
  36. what our records hold of this filingWe hold the text of this filing's SC TO-T. We do not hold the filing's other exhibits, and nothing else of it is held: a sentence about what the filing does not say is about the text we hold.Our database

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The record

Company
Warner Bros. Discovery (CIK 1437107)
Form
SC TO-T
Accession
0001193125-25-310708
Filed
Dec 8, 2025
Period of report
Not given
Open the source ↗
New to this? Learn it in 3 minMergers, acquisitions and tender offers

The deal

Completed

93 filings, from Dec 5, 2025 to Oct 6, 2026.

  1. Dec 5, 2025

    Material agreement, Officers, directors or their pay8-K

    Item 1.01: the company reports a material agreement. The item doesn't say what the agreement is.

    SEC EDGAR ↗
  2. Dec 5, 2025 – Jan 16, 2026
    Merger communication42531 filings
    1. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    2. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    3. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    4. Dec 5, 2025425Merger communicationStorySEC EDGAR ↗
    5. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    6. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    7. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    8. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    9. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    10. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    11. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    12. Dec 8, 2025425Merger communicationStorySEC EDGAR ↗
    13. Dec 9, 2025425Merger communicationStorySEC EDGAR ↗
    14. Dec 15, 2025425Merger communicationStorySEC EDGAR ↗
    15. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    16. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    17. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    18. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    19. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    20. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    21. Dec 17, 2025425Merger communicationStorySEC EDGAR ↗
    22. Dec 19, 2025425Merger communicationStorySEC EDGAR ↗
    23. Dec 22, 2025425Merger communicationStorySEC EDGAR ↗
    24. Dec 23, 2025425Merger communicationStorySEC EDGAR ↗
    25. Jan 6, 2026425Merger communicationStorySEC EDGAR ↗
    26. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    27. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    28. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    29. Jan 7, 2026425Merger communicationStorySEC EDGAR ↗
    30. Jan 15, 2026425Merger communicationStorySEC EDGAR ↗
    31. Jan 16, 2026425Merger communicationStorySEC EDGAR ↗

    A communication about the deal to shareholders or the public, filed under SEC rule 425.

  3. Dec 8, 2025 – Feb 27, 2026
    Tender offerSC TO-T28 filingsHolds this filing
    1. Dec 8, 2025SC TO-TTender offerThis filingSEC EDGAR ↗
    2. Dec 8, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    3. Dec 10, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    4. Dec 11, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    5. Dec 15, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    6. Dec 17, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    7. Dec 19, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    8. Dec 22, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    9. Dec 22, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    10. Dec 22, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    11. Dec 23, 2025SC TO-T/ATender offer, amendedSEC EDGAR ↗
    12. Jan 8, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    13. Jan 9, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    14. Jan 9, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    15. Jan 12, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    16. Jan 20, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    17. Jan 20, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    18. Jan 22, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    19. Jan 26, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    20. Feb 10, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    21. Feb 10, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    22. Feb 17, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    23. Feb 19, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    24. Feb 24, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    25. Feb 25, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    26. Feb 25, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    27. Feb 27, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗
    28. Feb 27, 2026SC TO-T/ATender offer, amendedSEC EDGAR ↗

    A tender offer: an offer made directly to shareholders to buy their shares.

  4. Dec 17, 2025 – Feb 26, 2026
    Response to a tender offerSC 14D912 filings
    1. Dec 17, 2025SC 14D9Response to a tender offerSEC EDGAR ↗
    2. Dec 17, 2025SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    3. Dec 23, 2025SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    4. Jan 7, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    5. Jan 7, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    6. Jan 20, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    7. Feb 10, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    8. Feb 17, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    9. Feb 17, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    10. Feb 24, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    11. Feb 25, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗
    12. Feb 26, 2026SC 14D9/AResponse to a tender offer, amendedSEC EDGAR ↗

    The target company's response to a tender offer.

  5. Jan 20, 2026

    Material agreement, Reg FD disclosure8-K

    Item 1.01: the company reports a material agreement. The item doesn't say what the agreement is.

    SEC EDGAR ↗
  6. Jan 20, 2026 – Mar 16, 2026
    Merger proxy statement, preliminaryPREM14A2 filings
    1. Jan 20, 2026PREM14AMerger proxy statement, preliminarySEC EDGAR ↗
    2. Mar 16, 2026PREM14AMerger proxy statement, preliminarySEC EDGAR ↗

    The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.

  7. Jan 20, 2026 – Apr 16, 2026
    Additional proxy materialDEFA14A11 filings
    1. Jan 20, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    2. Feb 4, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    3. Feb 10, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    4. Feb 17, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    5. Feb 17, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    6. Feb 24, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    7. Feb 25, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    8. Feb 26, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    9. Mar 2, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    10. Mar 26, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗
    11. Apr 16, 2026DEFA14AAdditional proxy materialSEC EDGAR ↗

    Additional material sent to shareholders with the proxy.

  8. Feb 2, 2026 – Feb 9, 2026
    Merger proxy statement, revised preliminaryPRER14A2 filings
    1. Feb 2, 2026PRER14AMerger proxy statement, revised preliminarySEC EDGAR ↗
    2. Feb 9, 2026PRER14AMerger proxy statement, revised preliminarySEC EDGAR ↗

    The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.

  9. Feb 17, 2026 – Mar 26, 2026
    Merger proxy statementDEFM14A2 filings
    1. Feb 17, 2026DEFM14AMerger proxy statementStorySEC EDGAR ↗
    2. Mar 26, 2026DEFM14AMerger proxy statementStorySEC EDGAR ↗

    The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.

  10. Feb 27, 2026

    Material agreement, Agreement ended, Reg FD disclosure, Other events8-K

    Item 1.01: the company reports a material agreement. The item doesn't say what the agreement is.

    SEC EDGAR ↗
  11. Apr 23, 2026

    Shareholder vote8-K

    Item 5.07: the results of a shareholder vote.

    SEC EDGAR ↗
  12. Oct 6, 2026

    Material agreement, Agreement ended, Acquisition or sale of assets, New financial obligation, Delisting or listing change, Change to security holders' rights, Change in control, Officers, directors or their pay, Charter, bylaws or fiscal year change, Other events8-K

    Item 2.01: the company reports an acquisition or a sale of assets. The 8-K's own text says the transaction was completed.

    SEC EDGAR ↗

An 8-K reports an acquisition or a sale of assets (item 2.01) and its own text says the transaction was completed. It closes this deal: a later filing starts another.

The whole deal →

About Warner Bros. Discovery

Warner Bros. Discovery page →
Revenue$37.3 billionYear to Dec 31, 2025 · −5.15% year over year
Operating income$738 millionYear to Dec 31, 2025 · +107.36% year over year
Net income$727 millionYear to Dec 31, 2025 · +106.43% year over year

Source: SEC EDGAR XBRL financial data · filed Aug 6, 2026

Open roles
No public hiring feed we can read
Layoffs, 12 months
No WARN notices in the US states we read

Sources

  1. SEC EDGAR, Form SC TO-T filed Dec 8, 2025
  2. How we collect our data
Warner Bros. Discovery

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