Overview
- Warner Bros. Discovery said it is formally reviewing strategic alternatives while continuing its previously announced plan to separate streaming/studios from its TV networks business in 2026.
- Paramount Skydance made three bids near $19, $22 and $23.50 per share, including an offer valued around $60 billion with 80% cash and 20% stock and a proposal to name David Zaslav co‑CEO and co‑chair, all of which the WBD board rejected.
- New reporting says the Trump administration favors a Paramount Skydance deal, positioning David Ellison as a preferred buyer, though the White House has not issued an official public statement.
- The Writers Guild of America West and East called a Warner‑Paramount tie‑up or similar studio merger a disaster and pledged to work with regulators to block it.
- Analysts expect DOJ and international reviews to focus on concentration in studios, streaming, linear networks, sports and advertising, while WBD’s roughly $35–36 billion net debt would lift a transaction’s enterprise value to about $93 billion at the last reported offer.