Overview

• Multiple outlets report that Skydance’s parent, now combining with Paramount, is preparing a more than $70 billion mostly cash offer for Warner Bros. Discovery, which has not been formally filed.
• People familiar with the discussions say Larry Ellison would provide most of the financing, enabling a move roughly five weeks after Skydance closed its $8 billion Paramount purchase.
• The effort targets WBD ahead of its expected 2026 breakup into a studio/streaming company and a separate networks unit, which analysts say could spur rival bids if completed.
• A takeover would bring HBO, Warner Bros. studios, DC and CNN under Ellison’s control, but WBD’s approximate $71 billion enterprise value and substantial debt present major hurdles.
• Regulatory and political resistance looms, with Senator Elizabeth Warren warning of harmful concentration, as analysts also flag potential interest from Netflix, Amazon, Apple, Comcast and Sony.