Paramount Skydance, led by David Ellison and backed by Oracle co-founder Larry Ellison, is reportedly preparing a largely cash-based offer to acquire Warner Bros Discovery (WBD), according to Wall Street Journal. If finalized, the deal would bring together some of the most iconic assets in global entertainment and mark a major step in the industry’s ongoing wave of consolidation.
Shares of WBD surged as much as 30–34% on the news before closing with substantial gains, while Paramount’s stock also jumped around 15%. Both companies declined to publicly comment on the reports, fueling speculation across Wall Street and Hollywood alike.
The proposed acquisition would include the majority, if not all, of WBD’s assets: Warner Bros studios, DC Comics, streaming platforms, and networks such as CNN. This move coincides with WBD’s previously announced plan to spin off its linear TV channels from its core studios and streaming business under CEO David Zaslav.
Yet the potential merger faces considerable challenges. WBD’s heavy debt load—estimated at nearly $30 billion—could complicate the financial structure of the deal. Moreover, regulatory scrutiny looms large: U.S. and international watchdogs could raise concerns about antitrust, content market concentration, and media plurality if two giants of this scale combine.
While no formal offer has yet been made, the prospect alone has jolted the market and ignited debate about the future shape of Hollywood. Should Paramount Skydance succeed in overcoming financial and regulatory hurdles, it could emerge as a formidable rival to Disney, Netflix, Amazon, and other global streaming leaders.
