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Paramount and Warner Bros. Discovery have announced that their previously agreed merger is expected to close on October 6, 2026, subject to customary closing conditions. The agreement was initially announced on February 27, 2026, according to the companies.

The transaction, agreed in February 2026, will see Paramount Skydance Corporation (PSKY) acquire Warner Bros. Discovery. Under the terms of the agreement, WBD shareholders will receive $31 in cash per share, plus an additional amount based on the number of days between September 30 and the closing date.

If the merger closes on October 6 as currently expected, each eligible WBD share will be converted into approximately $31.02 in cash.

New Co-CEO

As the companies prepare for the anticipated closing, Paramount has appointed Ynon Kreiz as Co-CEO of the combined company. Kreiz will join Paramount on October 5, one day before the expected completion of the transaction, subject to customary closing conditions.

David Ellison will remain Chairman and CEO of the combined company, while Kreiz will serve as Co-CEO and join its Board of Directors. Both executives will oversee the company’s businesses, with Ellison focusing on long-term strategy, creative direction, talent relationships, strategic partnerships, technology and capital allocation. Kreiz will be responsible for day-to-day management and the integration of the two companies.

Kreiz joins from Mattel, where he has served as Chairman and CEO since 2018. During his tenure, he has led the company’s business transformation and its strategy around its portfolio of entertainment brands and intellectual property.

The appointment is part of the leadership structure being established ahead of the integration of Paramount and Warner Bros. Discovery. Once the merger is completed, the combined company will focus on four strategic priorities identified by the companies: content, technology, operational efficiency, and relationships with creators, audiences, employees, advertisers and partners.