Warner Bros. Discovery to be Acquired by Paramount Skydance

Warner Bros. Discovery on Friday formally signed an agreement to be acquired by Paramount Skydance, the two companies announced, setting the stage for one of the most consequential media mergers in recent history.

The deal was inked just a day after Netflix abruptly announced it was pulling out of the bidding war for Warner Bros. Discovery’s studio and streaming assets, effectively closing the curtains on a corporate battle that had riveted Hollywood.

Read more at NBC News