Paramount has agreed a $110bn deal to buy Warner Bros Discovery.
The deal was struck after Netflix walked away from a bidding war for the company.
Netflix had declined to match Paramount’s latest $31-per-share offer on Thursday – having offered a $27.75-per-share agreement for its studio and streaming assets.
Paramount, which is led by billionaire Larry Ellison’s son David, has deep political connections to Donald Trump’s administration.
Regulators in California are preparing a vigorous review of the deal, which could reshape Hollywood.
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