PARAMOUNT TO ACQUIRE WARNER BROS. DISCOVERY TO FORM NEXT-GENERATION GLOBAL MEDIA AND ENTERTAINMENT COMPANY
The combined company will create a more resilient and diversified media company that is better positioned to compete with global technology and streaming platforms.
It will maintain the studios of Paramount and Warner Bros. and focus on attracting and retaining world-class creative talent to expand the supply of high-quality content for the combined company’s services and third-party distribution.
Committed to producing at least 30 films annually, delivering great entertainment to audiences while supporting sustained job creation across the film and creative industries.
"From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company. By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn’t be more excited for what’s ahead."
David Ellison
Chairman and CEO of Paramount, a Skydance Corporation
OUR
COMMITMENTS
FULL THEATRICAL
WINDOW
Every film will receive a full theatrical release, with a minimum 45-day window globally before becoming available on paid video-on-demand (PVOD), with the intention of 60-90 days or more to maximize the audience for our most successful releases.
HBO RUNS INDEPENDENTLY
HBO will continue to operate independently as a studio, enabling it to create more of the world-class content it is renowned for.
30 FILMS
PER YEAR
Paramount Studios and Warner Bros. Studios will each produce a minimum of 15 high-quality feature films per year, for a total of at least 30 films annually across the group – delivering great entertainment to audiences while supporting sustained job creation across the film and creative industries.
CONTINUED
LICENSING
Both studios will continue to support a vibrant third-party ecosystem by licensing films and shows across their own and third-party platforms, while remaining active buyers of content from third-party studios and independent producers.
PRESERVING
HOME VIDEO
Following its theatrical run, each film will transition to the current industry standard home video window, preserving paid video-on-demand prior to availability on subscription streaming services.
Supporting a competitive entertainment ecosystem
Paramount is already securing Regulatory Approvals and has a Clear Path to Completion
01
Paramount’s offer has a clear regulatory path and broad stakeholder support.
02
The combined entity would be well below the relevant market share threshold of 30% in all cognizable markets.
03
The expiration of the HSR waiting period means there is no statutory impediment in the U.S. to closing Paramount’s proposed acquisition of WBD.
04
Paramount continues to engage constructively with antitrust enforcers and other regulators around the world to secure regulatory clearances and approvals necessary for the transaction.
Greater choice
The combined company will own a film library of more than 15,000 titles and thousands of hours of television programming. It will be home to many of the world’s most iconic and enduring franchises, including Harry Potter, Mission Impossible, Lord of the Rings, Game of Thrones, The DC Universe, Teenage Mutant Ninja Turtles, Transformers, Star Trek, and SpongeBob SquarePants.
FULL-SPECTRUM
MARKETPLACE
A complementary portfolio of cable networks spanning entertainment, sports and news that will enable integrated cross-platform distribution, stronger cash flow and a more compelling cross-channel partner for advertisers.
Increased competition
The combined company will be more resilient, more diversified and better positioned to compete with global technology and streaming platforms, while supporting creators and distribution partners across the industry.
