Warner Bros. Discovery Acquired by Paramount

Fried Frank advised Warner Bros. Discovery on its $110B acquisition by Paramount Skydance, which was announced by the companies as completed today. The firm served as antitrust counsel, alongside Covington and O'Melveny & Meyers.

The completed transaction unites two of media and entertainment's most storied companies, each with a history spanning more than a century, giving the combined company, Skydance, a rare legacy to build on. The aim of the combined company is to build a next-generation global media and entertainment company powered by creativity and technology. The transaction received unanimous approval from competition authorities covering nearly 70 jurisdictions worldwide, and will strengthen competition and expand consumer choice, both on Skydance's own platforms and across the broader industry.

Before completion, the transaction received antitrust clearance from the DOJ but was challenged in antitrust lawsuits brought by a group of state attorneys generals and The Writers Guild of America, respectively. The lawsuits were settled on September 21, 2026, allowing the transaction to move forward as one of the largest media deals in history.

Read the companies' press release for more information about the deal.

Antitrust partners Bernard A. Nigro Jr., Kathy O'Neill and Aleksandr B. Livshits led the Fried Frank team, which also included antitrust associates Lexi Michaud, Harrisson C. Kummer, Theresa Zieser, Gabrielle Shlikas, Harry Raffel and Joan Rosello.

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