New Delhi, Feb. 28 -- Warner Bros Discovery has agreed to be acquired by Paramount Skydance in a $110 billion deal, ending a high-stakes bidding war after Netflix walked away from its agreement with the HBO Max owner.

The deal, with an equity value of $81 billion, is expected to close in the third quarter of 2026, the companies said on Friday. Reuters first reported on Warner Bros Discovery and Paramount signing a deal earlier in the day, citing an audio clip of a global townhall held by the company.

The merger would create a media powerhouse, combining major studios and networks such as CNN and CBS to compete more aggressively, as streaming has upended the industry by drawing audiences away from traditional linear TV.

The combined com...