Paramount Skydance emerged victorious in a heated bidding war for Warner Bros. Discovery, agreeing to acquire the entire company for $31 per share in cash, valuing the deal at approximately $110 billion after Netflix withdrew its $27.75-per-share offer.

U.S. antitrust authorities, including the Department of Justice and the Federal Trade Commission, will review the merger for potential competition concerns, while individual states and foreign regulators may impose additional conditions or challenges that could delay or block the transaction.

President Trump has signaled support for the deal, introducing political considerations into the traditionally independent antitrust process; shareholders and regulators will need to clear the transaction before Paramount can integrate Warner’s studios, streaming services, and cable networks.