FilingsDeal filing

Skydance Corporation completed its takeover of Warner Bros. Discovery, valued at $110 billion including debt

Shareholders receive $31.02 in cash a share, about $78 billion in all, an 8-K filed Oct 6 says, after Warner Bros. Discovery ended an earlier merger agreement with Netflix.

From the public record3 min read

Published Oct 8, 2026 · 02:20 UTCUpdated Oct 21, 2026 · 01:36 UTCFiled Oct 6, 2026

Form8-K

FiledOct 6

Items1.01, 1.02, 2.01, 2.03, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01

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.

Skydance Corporation, formerly Paramount Skydance Corporation, completed its acquisition of Warner Bros. Discovery on Oct 6. When Paramount Skydance Corporation and Warner Bros. Discovery agreed the deal on Feb 27, they said it valued Warner Bros. Discovery at an enterprise value of $110 billion, a measure that adds the company's debt, net of its cash, to the value of its shares. The cash paid to its shareholders, which the 8-K calls the aggregate merger consideration, comes to approximately $78 billion, funded by a combination of equity and debt financing. The 8-K, the form a US-listed company uses to report a major event, was filed that day; among its items are the completed acquisition (Item 2.01), the change in control (Item 5.01) and the delisting notice (Item 3.01). Each share, with a few exceptions, was converted into the right to receive $31.02 in cash, and Warner Bros. Discovery became a wholly owned subsidiary of Skydance Corporation.1 2 3 4 5 6 7 8

The exact price is $31.01666668, which includes $0.00277778 for each calendar day after Sep 30 through the closing date. The company asked Nasdaq to halt trading in its stock, which traded as WBD, before the open on the closing date and to withdraw it from listing, and said it intends to file with the SEC to terminate the registration of its stock and suspend its reporting obligations.7 9 10 11 12

Warner Bros. Discovery signed a merger agreement with Netflix on Dec 4, 2025, disclosed in an 8-K filed Dec 5. That deal called for its Global Linear Networks business and certain other assets to be separated first, leaving it with its Streaming & Studios business. On Dec 8, 2025, a tender offer filing (a tender offer is an offer made directly to shareholders to buy their shares) named Paramount Skydance Corp as the other party. On Jan 19, 2026, the company and Netflix amended their agreement so the $27.75 per share merger consideration would be paid entirely in cash.13 14 15 16 17 18 19 20 21 22

On Feb 27, Warner Bros. Discovery signed a new merger agreement with Paramount Skydance Corporation, now Skydance Corporation. Its board had found that a Paramount Skydance Corporation proposal met the Netflix agreement's definition of a superior proposal, and it then gave Netflix written notice ending that agreement. Paramount Skydance Corporation paid Netflix a $2.8 billion termination fee, the payment the Netflix agreement required for ending it, on Warner Bros. Discovery's behalf. In the Feb 27 8-K the company said it no longer plans the split into two public companies that it announced on Jun 9, 2025. Stockholders approved the new agreement at a special meeting on Apr 23.2 23 24 25 26 27 28 29

The Oct 6 8-K says David M. Zaslav and the other directors and officers it names ceased to hold those posts when the merger took effect. It dates Zaslav's separation from employment Oct 6, and that of Gunnar Wiedenfels, Bruce L. Campbell and Priya Aiyar Oct 16. Warner Bros. Games is a publisher under Warner Bros. Discovery, and in the 8-K text we hold, neither it nor any game is mentioned.30 31 5 32 33 34 35 36

The 8-K text we hold does not say what Skydance Corporation planned for Warner Bros. Games or any other part of the business. The Netflix terms are taken from the opening paragraphs of the Dec 5 and Jan 20 filings only.5 36 15 37

How each figure was checked37 facts

Skydance Corporation completed the acquisition of WBD on Oct 6, 2026October 6, 2026SEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
WBD, PSKY and Prince Sub entered into a merger agreement on Feb 27, 2026February 27, 2026SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
The Feb 27, 2026 press release says the transaction values WBD at an enterprise value of $110 billion$110 billionParamount Skydance and Warner Bros. Discovery press release, Feb 27, 2026 (Exhibit 99.1 to the 8-K) ↗
Aggregate merger consideration, funded by equity and debt financingapproximately $78 billionSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
8-K filed onOct 6, 2026Our database
Items of the 8-K2.01, 3.01, 5.01Our database
Cash per WBD share$31.01666668SEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
WBD survives as a wholly owned subsidiary of SKYDwholly owned subsidiarySEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
Ticking consideration per calendar day after Sep 30$0.00277778; September 30, 2026SEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
WBD asked Nasdaq to halt trading and withdraw the stockhalt tradingSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
WBD stock previously traded as WBD and will no longer be listed on NasdaqWBDSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
WBD intends to end registration and suspend SEC reporting obligationsreporting obligationsSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
WBD and Netflix entered into a merger agreement dated Dec 4, 2025December 4, 2025SEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
The parties entered into an Agreement and Plan of MergerAgreement and Plan of MergerSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
Netflix agreement 8-K filed onDec 5, 2025Our database
Netflix deal: separation of Global Linear Networks, leaving WBD with Streaming & StudiosStreaming & StudiosSEC EDGAR, Form 8-K filed Dec 5, 2025 ↗
Tender offer filing formSC TO-TOur database
Tender offer filing dateDec 8, 2025Our database
Tender offer counterpartyParamount Skydance CorpOur database
WBD and Netflix entered into an Amended and Restated Agreement and Plan of Merger on Jan 19, 2026January 19, 2026SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
Amended and restated merger agreementAmended and Restated Agreement and Plan of MergerSEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
Netflix merger consideration of $27.75 per share to be paid entirely in cash$27.75SEC EDGAR, Form 8-K filed Jan 20, 2026 ↗
The parties entered into an Agreement and Plan of MergerAgreement and Plan of MergerSEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
WBD board determined it had received a Company Superior Proposal from PSKYCompany Superior ProposalSEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
WBD delivered a written notice terminating the Netflix agreementterminating the Netflix Merger AgreementSEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
PSKY paid Netflix a termination fee on WBD's behalf$2,800,000,000SEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
WBD no longer plans to separate into two publicly traded companiesJune 9, 2025; two publicly traded companiesSEC EDGAR, Form 8-K filed Feb 27, 2026 ↗
WBD held a special meeting of stockholders on Apr 23, 2026April 23, 2026SEC EDGAR, Form 8-K filed Apr 23, 2026 ↗
The proposal to adopt the merger agreement was approved by the requisite voteapprovedSEC EDGAR, Form 8-K filed Apr 23, 2026 ↗
Directors who ceased to be directors at the Effective TimeDavid M. ZaslavSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
Officers who ceased to be officers at the Effective TimeDavid M. ZaslavSEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
Separation datesOctober 6, 2026; October 16, 2026SEC EDGAR, Form 8-K filed Oct 6, 2026 ↗
Companies under WBD5 companies under itOur database
Warner Bros. Games parentWarner Bros. DiscoveryOur database
Warner Bros. Games kindpublisherOur database
which documents of this filing we holdWe hold the text of this filing's 8-K with items 1.01, 1.02, 2.01, 2.03, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01; EX-99.1 (EX-99.1). 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
Amended Netflix agreement 8-K filed onJan 20, 2026Our database

The record

Company: Warner Bros. Discovery (CIK 1437107)
Form: 8-K
Accession: 0001193125-26-415055
Filed: Oct 6, 2026
Period of report: Sep 30, 2026
Items: 1.01 Material agreement, 1.02 Agreement ended, 2.01 Acquisition or sale of assets, 2.03 New financial obligation, 3.01 Delisting or listing change, 3.03 Change to security holders' rights, 5.01 Change in control, 5.02 Officers, directors or their pay, 5.03 Charter, bylaws or fiscal year change, 8.01 Other events
Completion, in the 8-K's words: On October 6, 2026 (the “Closing Date”), Skydance Corporation (f/k/a Paramount Skydance Corporation), a Delaware corporation (“SKYD”), completed the previously announced acquisition of Warner Bros. Discovery, Inc., a Delaware corporation (“WBD”), pursuant to the terms of the previously announced Agreement and Plan of Merger, dated as of February 27, 2026 (the “Merger Agreement”), by and among WBD…

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The deal

Completed

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

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 ↗
Dec 5, 2025 – Jan 16, 2026
Merger communication42531 filings
1. Dec 5, 2025425Merger communicationStory SEC EDGAR ↗
2. Dec 5, 2025425Merger communicationStory SEC EDGAR ↗
3. Dec 5, 2025425Merger communicationStory SEC EDGAR ↗
4. Dec 5, 2025425Merger communicationStory SEC EDGAR ↗
5. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
6. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
7. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
8. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
9. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
10. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
11. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
12. Dec 8, 2025425Merger communicationStory SEC EDGAR ↗
13. Dec 9, 2025425Merger communicationStory SEC EDGAR ↗
14. Dec 15, 2025425Merger communicationStory SEC EDGAR ↗
15. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
16. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
17. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
18. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
19. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
20. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
21. Dec 17, 2025425Merger communicationStory SEC EDGAR ↗
22. Dec 19, 2025425Merger communicationStory SEC EDGAR ↗
23. Dec 22, 2025425Merger communicationStory SEC EDGAR ↗
24. Dec 23, 2025425Merger communicationStory SEC EDGAR ↗
25. Jan 6, 2026425Merger communicationStory SEC EDGAR ↗
26. Jan 7, 2026425Merger communicationStory SEC EDGAR ↗
27. Jan 7, 2026425Merger communicationStory SEC EDGAR ↗
28. Jan 7, 2026425Merger communicationStory SEC EDGAR ↗
29. Jan 7, 2026425Merger communicationStory SEC EDGAR ↗
30. Jan 15, 2026425Merger communicationStory SEC EDGAR ↗
31. Jan 16, 2026425Merger communicationStory SEC EDGAR ↗
A communication about the deal to shareholders or the public, filed under SEC rule 425.
Dec 8, 2025 – Feb 27, 2026
Tender offerSC TO-T28 filings
1. Dec 8, 2025SC TO-TTender offerStory SEC 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.
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.
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 ↗
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.
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.
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.
Feb 17, 2026 – Mar 26, 2026
Merger proxy statementDEFM14A2 filings
1. Feb 17, 2026DEFM14AMerger proxy statementStory SEC EDGAR ↗
2. Mar 26, 2026DEFM14AMerger proxy statementStory SEC EDGAR ↗
The merger proxy statement, the document shareholders vote on. Preliminary and revised versions come before the final one.
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 ↗
Apr 23, 2026
Shareholder vote8-K
Item 5.07: the results of a shareholder vote.
SEC EDGAR ↗
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-KThis filing
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 →