By Arthus Marande, Mattia Colombo, Namien Kone, Christopher Putnis, Olivia Riera Ripoll, and Nehir Yanmaz (ESCP); Aman Prasad, Oliver Greenhalgh and Jiaqi Tang (University of Birmingham) Photo: Jake Hills (Unsplash) Overview of the deal Acquirer: Paramount Skydance Corporation Target: Warner Bros. Discovery, Inc. Implied Equity Value: Approximately $81bn Total Transaction Size: Approximately $110bn enterprise value Closed Date: Not yet closed; expected to close in Q3 2026 Tar

By Leandro Zhang, Astrid Hsu, Kasra Shahenayati, and Ankit Walishetti (Columbia University) Photo: Myke Simon (Unsplash) Overview of the deal Acquirer: Netflix, Inc. Target: InterPositive Implied Equity Value: USD ~$600m Total Transaction Size: USD ~$600m Closed date: March 5, 2026 Target advisor: Willkie Farr & Gallagher LLP (legal), financial advisors not publicly disclosed Acquirer advisor: Simpson Thacher & Bartlett LLP (legal), financial advisors not publicly disclosed N