Warner Brothers Discovery and Paramount Skydance said Friday that it has formally signed the paperwork to merge the two companies, assuming the Trump administration signs off on it.

The deal was signed just one day after Netflix dropped its offer by declining to match the bid Paramount was offering of $31 per share of the company and solutions to WBD’s debt financing costs.

The total net worth of the deal is $110 billion, the companies said in a joint statement, and the deal was unanimously approved by the boards of both companies.

"From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company," Paramount CEO David Ellison said in a statement. 

"By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn't be more excited for what's ahead," he added.

The agreement comes after some WBD employees expressed concerns about the merger, particularly in regard to changes Paramount could make to CNN after it made changes to CBS News, which has notably grown more conservative after tapping Bari Weiss to lead it. 

Despite the concerns, WBD President and CEO David Zaslav lauded the deal as a "historic transaction," and said he was "pleased with the outcome."

"Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors," he said. "We look forward to working with Paramount to complete this historic transaction." 

The deal still needs to be approved by the Federal Communications Commission.