Paramount Skydance Corp to Acquire Warner Bros. Discovery for $31 per Share; Increases Authorized Class B Shares

Paramount Skydance Corp (PSKY) has entered into a merger agreement to acquire Warner Bros. Discovery (WBD) for $31 per share in cash. Concurrently, PSKY increased the number of authorized shares of Class B Common Stock from 5.5 billion to 7 billion and amended its certificate of incorporation to allow dividends on Class B shares without requiring corresponding dividends on Class A shares, subject to Class A stockholder approval.