Paramount Skydance is preparing an offer to acquire Warner Bros. Discovery in a cash bid backed by the family of CEO David Ellison, according to sources familiar with the developing deal. Though the potential deal from Paramount Skydance has not been publicly offered to Warner Bros. Discovery as of this writing, shares of both companies soared following the news.
If the proposed acquisition of Warner Bros. Discovery by Paramount Skydance is successful, the deal would be subject to heavy antitrust scrutiny from government officials. It would also consolidate various TV networks and brands under one corporate umbrella, with Warner Bros. Discovery maintaining the media rights to franchises like Harry Potter, Game of Thrones, and DC Comics. Earlier in 2025, Warner Bros. Discovery announced it would split off into two separate businesses, simply named Warner Bros. And Discovery Global. WB CEO David Zaslav stated the split is expected to be complete by April 2026.
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Paramount Skydance Considering A Cash Offer For Warner Bros. Discovery
Despite the previously announced split of Warner Bros. Discovery into two companies, Paramount Skydance is pursuing options to buy it. As reported by The Wall Street Journal (and corroborated by Reuters), the family of Paramount Skydance CEO David Ellison is backing a potential cash bid to acquire Warner Bros. Discovery in its entirety, including all television and media brands. The news came after Skydance acquired Paramount Global in August 2025 in a deal worth $8 billion at the time of the merger. The cash deal would primarily be backed by the Ellison family, but neither company has publicly commented on the potential offer as of this writing. If the proposal is accepted by WB, the deal could affect some of WB's potential gaming projects, including a possible Batman: Arkham Shadow sequel.
Additionally, antitrust hurdles raised by the US Department of Justice would also have to be cleared. Along with potential government scrutiny, the potential deal between Paramount Skydance and Warner Bros. Discovery would also face stiff competition with other streaming media giants like Apple, Disney, and Amazon. With Amazon MGM collaborating with Sony on the upcoming God of War TV series, the cooperative efforts between various media giants are expected to continue.
Plus, the proposed split of Warner Bros. Discovery into two separate companies could be a potential sticking point in any forthcoming negotiations. Given the Trump administration's willingness to let corporate acquisitions happen, such as Microsoft's buyout of Activision Blizzard, it remains to be seen if a similar result would occur between WB and Paramount.
