United States of America

Reports: Paramount Skydance Eyes Warner Bros Discovery Takeover Bid

SEP 11 2025·Updated SEP 12 2025

#United States of America

Reports: Paramount Skydance Eyes Warner Bros Discovery Takeover Bid

Story

Above: A water tower at the Paramount studios on August 7, 2025 in Los Angeles. Image credit: Eric Thayer/Getty Images

The Facts

Paramount Skydance is reportedly preparing a majority cash bid for Warner Bros. Discovery that would be backed by the Ellison family, multiple news outlets reported Thursday.
CNBC
The Wall Street Journal
The proposed bid would be for the entire company, including Warner Bros. Discovery's cable networks, movie studio, HBO, CNN and other assets, rather than waiting for the planned Warner Bros.-Discovery corporate split in April.
Deadline
The New York Times
Daily Mail
Warner Bros. Discovery has a market capitalization of approximately $33 billion — more than double that of Paramount Skydance — and carries about $35 billion in debt from previous mergers.
The New York Times
The Wall Street Journal
David Ellison, son of Oracle billionaire and world's richest person Larry Ellison, recently closed an $8.4 billion deal to merge Skydance Media with Paramount Global in August, gaining control of CBS, MTV, Nickelodeon and other assets.
Guardian
Deadline
Warner Bros. Discovery shares surged more than 25% on Thursday afternoon following reports of the potential takeover bid. Paramount Skydance shares rose approximately 8% to 9% in trading.
The Hollywood Reporter
CNBC
The potential merger, which would combine two major Hollywood studios, could face antitrust scrutiny from regulators, as it would unite Warner Bros. and Paramount Pictures under the same ownership structure.
Guardian
Deadline

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Narrative A

This bold acquisition makes perfect strategic sense for creating a media powerhouse capable of competing with tech giants like Amazon and Apple. Combining Paramount's broadcast strength with Warner's premium content would create unmatched scale in both traditional TV and streaming. The Ellison family's deep pockets provide the financial firepower needed to execute this vision before Warner splits apart.

Daily Mail

Narrative B

Such massive consolidation threatens competition and consumer choice by putting too much media power under one roof. This proposed deal would eliminate a major competitor in Hollywood. If the government is interested in protecting customers, it will have no choice but to raise antitrust concerns about this horizontal merger that would leave one company controlling both major studios and news networks like CBS and CNN.

Deadline