Paramount Skydance Corporation (PSKY) is advancing its acquisition of Warner Bros. Discovery (WBD). WBD reported a $2.9 billion net loss for the first quarter on May 8, 2026. This figure includes a $2.8 billion termination fee paid to Netflix by PSKY as part of the merger agreement. PSKY executives currently target a closing date of September 2026.
The $111 billion deal faces increasing legal and political scrutiny. Two press freedom groups are demanding internal documents regarding alleged promises made to the White House about CNN. Simultaneously, California Democrats have asked the state Attorney General to investigate the merger for antitrust violations. These lawmakers expressed concerns over potential harm to consumers and the workforce.