Annapurna Pictures, LLC

Paramount Skydance / Warner Bros. Discovery

On 27 February 2026, Paramount Skydance Corporation (Paramount) and Warner Bros. Discovery, Inc. (WBD) signed an agreement (the Merger Agreement). Under the terms of the Merger Agreement, Paramount will pay USD 31.00 per share in cash for all outstanding shares of WBD (the Acquisition). Paramount is a global media, streaming and entertainment company that supplies content and experiences, including films, television series, and animated content. Paramount’s portfolio of brands and production assets includes Paramount Pictures, Paramount Television, Paramount+, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Pluto TV and Skydance Media LLC animation, interactive/games and sports divisions. In Australia, Paramount operates the free-to-air (FTA) television network, Network 10. Network 10 is one of five Australian FTA TV networks, and operates four television channels (Channel 10, 10 Drama, 10 Comedy and Nickelodeon) and a free online streaming service (‘10’). Paramount also operates Paramount+, a paid digital subscription video on-demand and live streaming service available to Australian consumers. Paramount also licenses audiovisual content to TV channels and digital services in Australia and distributes films to cinemas in Australia through its local theatrical distribution company. WBD is a global media and entertainment company that creates and distributes a portfolio of content and products across television, film, streaming and interactive gaming. WBD’s brands and production assets include Discovery Channel, CNN, DC Studios, New Line Cinema, TNT Sports, Eurosport, HBO Max, HBO, Warner Bros. Motion Picture Group, Warner Bros. Television Group, and Warner Bros. Games. WBD operates several Pay TV services in Australia (Discovery, Investigation Discovery, Animal Planet, TLC, Discovery Turbo, Travel Channel and HGTV) and the subscription video on demand service HBO Max. In Australia, WBD distributes films to exhibitors via a third party, Universal Pictures. WBD also has local subsidiaries active in film and television production, including Big Pond Productions Pty Ltd and Warner Bros. International Television Production Australia.