Paramount Skydance (NASDAQ:PSKY) and Warner Bros. Discovery (NASDAQ:WBD) said they expect their previously announced merger to close on October 6, subject to customary closing conditions.
The merger agreement was announced in February and provides for Warner Bros. Discovery shareholders to receive $31 in cash for each share they hold.
Under the terms of the agreement, shareholders are also entitled to an additional payment of $0.00277778 per share for each calendar day after September 30 until the transaction closes.
If the merger is completed on October 6 as expected, Warner Bros. Discovery shareholders will receive a total of $31.01666668 per share, the companies said.
Deal Would Combine Media and Streaming Portfolios
The transaction would bring together the entertainment and streaming assets of the two US media companies.
Warner Bros. Discovery’s portfolio includes HBO Max, Warner Bros., CNN and Discovery, while Paramount Skydance owns assets including Paramount Pictures, CBS, Nickelodeon, Paramount+ and Pluto TV.
The proposed combination would bring film, television, news and streaming operations from both companies under the merged business.
Completion remains dependent on the customary conditions specified by the companies.
Paramount Skydance stock price
Warner Brothers Discovery stock price
