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