Paramount to buy Warner Bros Discovery in $110 billion deal as Netflix bows out of race

Warner Bros Discovery has agreed to be acquired by Paramount Skydance in a $110 billion deal, ending a high-stakes bidding war after Netflix walked away from its agreement with the HBO Max owner.

- 

The operator has secured 1 gigawatt of power for future expansion and plans a pipeline of roughly 800 megawatts over the next five years in a bid to meet Europe's increasing AI demand.

Partners Group acquired the business in 2022 for an undisclosed amount and has since supported its regional expansion.

California-based data-centre operator Equinix has been expanding aggressively to capture rising demand for digital infrastructure, while CPP has been increasing its exposure to data-center assets.

The deal, with an equity value of $81 billion, is expected to close in the third quarter of 2026, the companies said. Reuters first reported on Warner Bros Discovery and Paramount signing a deal earlier in the day, citing an audio clip of a global townhall held by the company.

The merger would create a media powerhouse, combining major studios and networks such as CNN and CBS to compete more aggressively, as streaming has upended the industry by drawing audiences away from traditional linear TV.

The combined company will boast a film library of over 15,000 titles and popular franchises such as "Game of Thrones," "Mission Impossible," "Harry Potter," and the DC Universe, the companies said in a statement.

Netflix declined to match Paramount's latest $31-per-share offer, which Warner Bros deemed superior to the streaming pioneer's $27.75-per-share agreement for its studio and streaming assets.