Paramount to acquire Warner Bros. Discovery for $108.4bn.

Paramount, a media and entertainment company, offered to acquire Warner Bros. Discovery, a global media and entertainment company, for $108.4bn. Ellison continued, "We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry. We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction. We look forward to working to expeditiously deliver this opportunity so that all stakeholders can begin to capitalize on the benefits of the combined company," David Ellison, Paramount Chairman and CEO.