Overview

• Multiple outlets cite a Wall Street Journal report that Paramount Skydance is preparing a bid for all of Warner Bros. Discovery, with no formal offer filed yet.
• WBD shares jumped roughly 29% Thursday and rose again Friday, while Paramount Skydance also gained after the takeover reports.
• The contemplated proposal would cover the entire company, including Warner Bros. studios, HBO/Max, and cable networks such as CNN, TBS and TNT.
• The Ellison family is reported to back a majority-cash offer, following David Ellison’s August closing of Skydance’s purchase of Paramount Global.
• Any deal would likely face extensive scrutiny from the Department of Justice, and the timing intersects with WBD’s plan to separate its networks from studios and streaming by April 2026.