Overview

• CNBC reports a prospective bid in the $22 to $24 per-share range that could be 70% to 80% cash, with financing partly from Larry Ellison, though terms and timing remain tentative.
• Warner Bros. Discovery shares rose about 1.5% to 2% on Friday’s reports, trading around $19.
• Netflix is reported to be evaluating a competing move, potentially targeting WBD’s studio and streaming operations rather than the full company.
• Warner Bros. Discovery has announced plans to separate into two public companies by mid-2026, a restructuring that prospective buyers may seek to preempt.
• Any deal would face extensive regulatory review, with antitrust scrutiny expected from agencies such as the Department of Justice and the FCC.