Transnational media conglomerate Warner Bros Discovery has agreed to be acquired by Paramount’s Skydance in a $110 billion deal signed on Friday, Feb. 27.
The deal, one of Hollywood’s biggest media shakeups, will create one of the world’s largest film studios, giving Paramount access to Warner Bros.’s wealth of intellectual property, including franchises such as “Fantastic Beasts” and “The Matrix.”
It will also allow Paramount to strengthen its streaming arm through a potential combination of HBO Max and Paramount+, which could help the company gain market share and compete with market leader Netflix.