Paramount is preparing to close its multibillion-dollar acquisition of Warner Bros. Discovery as early as next week, with July 16 emerging as a key target date according to multiple reports, including coverage from Reuters. The transaction, valued at approximately $111 billion in enterprise terms, would create one of the largest media and entertainment conglomerates in the world, combining two historic Hollywood players into a single entity with vast resources across film, television, streaming, news, and cable distribution.
The deal has navigated significant regulatory hurdles, including approval from the U.S. Department of Justice earlier this year, followed by shareholder support. With remaining conditions expected to align swiftly, executives at both companies have been directing teams to ready operations for integration immediately upon closing. This move comes amid intense competition in the streaming sector and ongoing shifts in traditional television consumption patterns.
The combined company would stand as a dominant force in global entertainment, controlling an unparalleled portfolio of intellectual property, production capabilities, and distribution platforms. Industry observers note that the merger would consolidate major studio output, news operations, and linear television assets under one roof, potentially streamlining costs while expanding reach across more than 200 countries and territories. The scale of the combined libraries and brands could reshape how content is developed, licensed, and delivered to audiences worldwide.
Here is everything Paramount would own after it buys Warner Bros. Discovery
Upon completion of the acquisition, Paramount would gain full ownership of Warner Bros. Discovery’s extensive holdings, layering them atop its existing operations to form a comprehensive media empire. The combined portfolio would include two of Hollywood’s premier film studios, powerful broadcast and cable networks, leading streaming services, and a massive content library spanning decades of acclaimed productions.
In film and television production, Paramount would oversee Paramount Pictures alongside Warner Bros. Pictures, New Line Cinema, Warner Bros. Animation, and DC Studios. This would unite major franchises and libraries, enabling coordinated development of theatrical releases, television series, and animation projects. Television studios from both sides, including CBS Studios and Warner Bros. Television, would provide robust scripted and unscripted production capacity across multiple genres.
Broadcast television assets would feature the CBS network and its affiliated stations, delivering national news, sports, and entertainment programming to millions of households. News operations would encompass both CBS News and CNN, creating a broad platform for journalism across broadcast, cable, and digital formats.
Streaming would see the integration or parallel operation of Paramount+ and HBO Max, alongside discovery+. These platforms would offer subscribers access to exclusive originals, blockbuster films, premium series, and factual programming, significantly bolstering competition in the direct-to-consumer space. Additional FAST services like Pluto TV would further expand free, ad-supported viewing options.
The cable and linear television portfolio represents one of the most expansive aspects of the deal. Paramount would control over 50 cable TV channels in total when combining domestic and international feeds. From the Paramount side, these include iconic brands such as MTV, Nickelodeon and Nick Jr., Comedy Central, BET and its sister networks, VH1, CMT, Paramount Network, TV Land, Pop TV, and Logo. Warner Bros. Discovery would contribute a deep bench of networks including CNN, TBS, TNT, truTV, Cartoon Network, Adult Swim, Boomerang, Discovery Channel, TLC, Animal Planet, Investigation Discovery, Science Channel, Destination America, American Heroes Channel, Food Network, HGTV, Travel Channel, Magnolia Network, and OWN.
U.S. Domestic Cable/Linear Networks Paramount Would Own
- News & General Entertainment:
- CNN
- TBS
- TNT
- truTV
- Kids & Animation:
- Cartoon Network
- Adult Swim
- Boomerang
- Nickelodeon
- Nick Jr.
- Discovery Family (60% ownership)
- Lifestyle & Factual:
- Discovery Channel
- TLC
- Animal Planet
- Investigation Discovery (ID)
- Science Channel
- Destination America
- American Heroes Channel
- Discovery Life
- HGTV
- Food Network
- Cooking Channel
- Travel Channel
- Magnolia Network
- OWN (Oprah Winfrey Network, ~95%)
- Smithsonian Channel
- Music, Youth & Entertainment:
- MTV
- VH1
- CMT (Country Music Television)
- Comedy Central
- Paramount Network
- TV Land
- Pop TV
- Logo
- BET Networks:
- BET
- BET Her
- BET Gospel
- BET Jams
- BET Soul
- Premium & Movie Channels:
- HBO (and multiplexes)
- Cinemax (and variants)
- Showtime (and multiplexes like The Movie Channel, Flix)
- Other:
- HLN
- Various regional sports or specialty feeds
Notable International & Regional Cable/Linear Networks
- Warner TV (various markets)
- Discovery Channel (international feeds)
- TLC (international)
- Animal Planet (international)
- Investigation Discovery (international)
- Food Network (international)
- HGTV (international)
- Cartoon Network (international feeds and Cartoonito)
- TNT Sports (multiple channels in Latin America, UK/Europe variants)
- Eurosport (integrated into TNT Sports)
- Local adaptations (e.g., DMAX, Discovery Turbo, Hogar de HGTV, etc. in Europe, Latin America, Asia)
- Paramount Network (international versions, e.g., in Netherlands, Poland)
- Nickelodeon (international feeds)
- MTV (international feeds)
- Channel 5 family (UK: 5, 5Action, 5Select, 5Star, 5USA)
- Network 10 variants (Australia)
International linear networks would add further depth, with localized versions of many entertainment, lifestyle, factual, and sports channels operating across Europe, Latin America, Asia, and other regions. Additional holdings include stakes in joint ventures and specialized services, along with sports-related assets such as Bleacher Report and participation in various rights agreements.
Beyond linear and streaming distribution, the combined company would inherit extensive consumer products, gaming operations through Warner Bros. Games, publishing through DC Comics, and global licensing capabilities. Theme park and experiential entertainment ties, along with vast archival libraries of films, television episodes, and documentaries, would provide ongoing revenue streams through syndication, home entertainment, and digital platforms.
This acquisition would position the enlarged Paramount as a vertically integrated powerhouse capable of producing, owning, and distributing content at every stage of the media value chain. The consolidation of these assets reflects broader industry trends toward scale in an era of fragmented audiences and high production costs. As the closing approaches, attention will turn to integration planning, potential synergies, and the strategic direction of the newly unified organization in the competitive global entertainment landscape.
Please add Cord Cutters News as a source for your Google News feed HERE. You can watch today’s top cord cutting stories on our YouTube channel HERE. Please follow us on Facebook and X for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.