Paramount’s $108.4 Billion All-Cash Tender Offer to Acquire Warner Bros. Discovery, Inc.

On December 8, 2025, Paramount, a Skydance Corporation (“Paramount”), announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. (“WBD”) for $30.00 per share in cash, equating to an enterprise value of $108.4 billion. Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment. Cravath is representing Paramount in connection with the transaction.

The Cravath team is led by partners Faiza J. Saeed, Daniel J. Cerqueira, Claudia J. Ricciardi, Alexander E. Greenberg and Minh Van Ngo and includes associates Temiloluwa A. Dele-Dare, Danielle A. Solaru, Colin L. Halvey and Joseph N. Kadoch on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren and associates Courtney T. Seager, Alan J. Steiner, Sam Baucom and Sasha G. Savitsky on capital markets matters; partner George E. Zobitz and associate Ahra Cho on banking matters; partners Lauren Angelilli and Andrew T. Davis and associates Carlos Nicholas Obando and Carolyn Liziewski on tax matters; partner Jonathan J. Katz, senior attorney Aaron S. Cha and associate Caroline Wyatt on executive compensation and benefits matters; partner Sasha Rosenthal-Larrea, of counsel Kathryn-Ann Stamm and associate Pierre Schlaefli on intellectual property matters; partners Andrew C. Finch and Noah Joshua Phillips, of counsel John F. Kendrick and associates Lauren N. Reisig and Jacob Freund on antitrust matters; partner Elad Roisman on regulatory matters; partners John W. White and Michael L. Arnold and of counsel Lisa M. Kohl on corporate governance matters; partner Matthew Morreale on environmental matters; partner Benjamin G. Joseloff on CFIUS matters; and senior attorney Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Aaliyah Channer also worked on M&A matters, Han Wen Zhang worked on capital markets matters, Scarlett A. Neely worked on executive compensation and benefits matters and Nilofar Vakili worked on intellectual property matters.