Paramount Skydance Corporation and Warner Bros. Discovery, Inc. said their merger is expected to close on October 6, 2026, subject to customary closing conditions, after U.S. District Judge Araceli Martínez-Olguín approved Paramount's settlement with 12 states that had challenged the transaction on antitrust grounds. Under the February 27, 2026, Merger Agreement, each eligible outstanding WBD common share would convert into $31.00 in cash plus $0.00277778 for each calendar day elapsed after September 30, 2026, through the closing date, producing $31.01666668 per share if the transaction closes October 6, without interest. The companies warned that the timing and completion remain subject to risks including unsatisfied closing conditions, termination rights, litigation, financing, market conditions and effects on employees, customers and business partners. Earlier accounts described the transaction as an $81 billion merger, while other reports cited $110 billion and $111 billion; those valuations remain unreconciled. Ynon Kreiz, Mattel's chief executive, is expected to join Paramount on October 5 as co-CEO alongside David Ellison of the combined company.