Overview

• CNBC reports the proposal under discussion would be roughly 70% to 80% cash with the balance in stock, though timing of a formal offer could slip.
• Warner Bros. Discovery shares have rallied strongly on the takeover talk, including a surge of more than 50% over three trading days, and recently traded around $19.
• A deal could upend Warner Bros. Discovery’s plan to separate its streaming and studios operations from its global networks by mid‑2026.
• Potential rival interest has been reported, with Puck and others pointing to Netflix exploring a bid and prior outreach to Amazon and Apple cited in other coverage.
• Any combination would face significant regulatory review and the target’s sizable debt load of about $35 billion, and neither company has publicly commented on the reports.