Warner Bros. Discovery Shares Surge 30% on Paramount Skydance Takeover Bid Reports.

Warner Bros. Discovery shares surged 30% after reports of a potential takeover bid by Paramount Skydance. The bid, reportedly a mostly cash offer, would give Paramount rights to the entire HBO Max catalog. The move comes after Warner Bros. announced plans to split into two companies, one focused on TV networks and the other on streaming and studios. Whether Warner Bros. is interested in the buyout is uncertain, with CEO David Zaslav saying HBO Max is undervalued and has the potential to raise its price.

Warner Bros. Discovery (WBD) shares surged by as much as 30% on September 11, 2025, following reports of a potential takeover bid by Paramount Skydance. The bid, reportedly a mostly cash offer, would give Paramount rights to the entire HBO Max catalog. This move comes amidst Warner Bros.' plans to split into two companies, one focused on TV networks and the other on streaming and studios Paramount Skydance preparing bid for Warner Bros ...^[1].

The potential acquisition would bring together two of Hollywood's best-known studios, as well as streaming services HBO Max and Paramount+. The Ellison family, which includes Skydance head David Ellison and his father, billionaire Oracle co-founder Larry Ellison, is backing the plans Paramount Skydance Reportedly Preparing Bid To Buy Warner Bros. Discovery^[2]. The Ellison family has been instrumental in financing Skydance's expansion, and any acquisition of Warner Bros. Discovery would likely require significant private financing, given the size of the deal and the limitations of Paramount Skydance’s balance sheet Paramount Skydance Is Preparing A Bid To Purchase Warner Bros. Discovery (And DC Studios)^[3].

Warner Bros. Discovery has been reorganizing its media business to separate its declining cable television business from its studio and streaming units. However, Skydance is seeking to acquire all of Warner Bros. Discovery's media assets, including its Warner Bros film studio, HBO, and CNN, in a mostly cash deal Paramount Skydance preparing bid for Warner Bros ...^[1].

If successful, the deal would bring together two of Hollywood's best-known studios as well as streaming services HBO MAX and Paramount+. It would need the deep pockets and political clout of Larry Ellison to come together and clear monopoly concerns. The potential bid underscores intensifying competition in the media sector, as traditional players race to gain scale and strengthen their streaming services as TV viewership and advertising revenue decline Paramount Skydance preparing bid for Warner Bros ...^[1].

The combination would reduce the number of independent major studios, giving the merged entity greater market share in theatrical releases, home entertainment, and content licensing. Merging the two companies' cable businesses could increase its bargaining power, which could lead to higher ad rates and carriage fees with cable providers Paramount Skydance preparing bid for Warner Bros ...^[1].

The deal is likely to face antitrust scrutiny, legal experts said. "The DOJ will want to investigate whether the merger could lead to higher prices for consumers, reduce bargaining power for creators, and diminish content diversity," said Andre Barlow, an antitrust attorney in Washington Paramount Skydance preparing bid for Warner Bros ...^[1].

Warner Bros. Discovery's CEO, David Zaslav, has expressed uncertainty about the buyout, stating that HBO Max is undervalued and has the potential to raise its price. However, the company has not officially commented on the report Paramount Skydance preparing bid for Warner Bros ...^[1].