Very close to a Paramount bid for Warner Bros. Discovery, says Moffett Nathanson's Fishman

Group 1 - Warner Brothers Discovery (WBD) is seen as a potential acquisition target, with stock prices increasing by approximately 75% since March [1] - The company has been addressing its debt situation, which has been a significant concern, and is now focusing on monetizing its premium assets, including Warner Brothers Studio and HBO [2][4] - Streaming is identified as a key strategy for transforming WBD, with expectations of a real bid emerging soon [3] Group 2 - The debt burden has historically held back the company's value, but recent improvements in debt management are noted [5] - The backing from David Ellison is considered crucial for the potential acquisition, with indications that a cash bid could be on the table [6] - Paramount is also facing its own debt challenges, indicating a broader trend of financial restructuring within the industry [7] Group 3 - The media landscape is undergoing significant changes, with potential for further consolidation among companies [8][9] - The upcoming spin-off of certain assets into a new company called Versented is expected to impact the media sector [7]