Paramount Skydance Sets Sights on $70B Acquisition of Warner Bros. Discovery
In a move that could dramatically alter the landscape of Hollywood, Paramount Skydance is gearing up for an all-cash bid to take over Warner Bros. Discovery. The bid is estimated to be around $70 billion. This media titan, fresh off its own $8.4 billion merger just a few weeks prior, is collaborating with investment banks to orchestrate this ambitious acquisition.
News of this potential acquisition sent Warner Bros. Discovery shares skyrocketing nearly 30% on Thursday. This surge marked the company’s most successful trading day to date. The stock ended the day at $16.15, while Paramount Skydance shares saw a 15% increase.
The proposed merger would bring together a host of major entertainment assets. These include HBO Max, CNN, and TNT, along with CBS, Nickelodeon, MTV, and Comedy Central. All these would be under one corporate umbrella. With David Ellison at the helm and the backing of Oracle co-founder Larry Ellison, Paramount Skydance is on a mission to build a media powerhouse before Warner Bros. Discovery’s planned split into two separate entities in 2026.
The potential merger has already drawn criticism from Senator Elizabeth Warren. She has labeled it a “dangerous concentration of power” that would necessitate significant regulatory scrutiny.
Source: CNBC