Latham & Watkins Advises the Investor Consortium in Acquisition of Warner Bros. Discovery

Paramount Skydance Corporation (NASDAQ: PSKY) (Paramount) and Warner Bros. Discovery, Inc. (NASDAQ: WBD) (WBD) have announced they have entered into a definitive merger agreement under which Paramount will acquire WBD, forming a premier global media and entertainment company focused on expanding consumer choice and empowering creative talent worldwide. The transaction is funded by US$47 billion in equity, fully backed by the Lawrence Investments, LLC, and RedBird Capital Partners. The new equity will be priced at US$16.02 per share.

Latham & Watkins LLP represents the investor consortium, including Lawrence Investments, LLC, as the equity financing sources in the transaction with an M&A team led by New York partner Ian Nussbaum and Chicago partner Max Schleusener, with associates Daniel Weissman, Maddy Berg, Emma Giusto, and Jamie Reinah.