Core Viewpoint - Warner Bros Discovery is considering an outright sale due to interest from potential buyers, marking a significant shift in the legacy media landscape [1][3] Company Developments - Warner Bros Discovery, which includes CNN, HBO Max, and the "Harry Potter" franchise, plans to split its Warner Bros and Discovery Global units by next year to separate its streaming business from its legacy cable network [2] - The company has already rejected an initial bid from Paramount, which was around $20 per share, as it was deemed too low [4] Industry Implications - A sale or split of Warner Bros Discovery could lead to a major restructuring in the media industry, prompting other legacy media companies to reconsider their own business models [3] - The decline of legacy media, driven by cord-cutting and the shift of audiences to streaming platforms, has forced traditional media companies to rethink their structures [7] Potential Buyers - Netflix and Comcast are among the potential bidders for Warner Bros Discovery, with David Ellison of Paramount Skydance also in talks for acquisition [1][4] - Analysts suggest that David Ellison's financial backing from his father, Larry Ellison, could facilitate the acquisition process and help navigate regulatory challenges [6] Strategic Alternatives - The company is exploring an alternative separation structure that would allow for a merger of Warner Bros and a spin-off of Discovery Global [5]

Group 1 - Warner Bros. Discovery, Inc. (NASDAQ: WBD) experienced a significant surge of 55.82% week-on-week due to acquisition interest from Paramount Skydance Corp. [1][3] - Paramount Skydance Corp. is reportedly preparing a majority cash bid to acquire Warner Bros. Discovery, including its cable networks and movie studio [2][3]. - The potential acquisition may trigger an antitrust investigation due to the size and the number of assets involved, such as HBO Max and the Harry Potter franchise [3]. Group 2 - The report on the acquisition interest follows Paramount and Skydance's recent $8.4 billion merger, which resulted in leadership changes within Paramount Skydance Corp. [4]. - Tom Ryan, the former president and CEO of Paramount Skydance, has stepped down and has been replaced by David Ellison [4].

Group 1 - Warner Bros. Discovery, Inc. (NASDAQ:WBD) has seen a significant increase in stock performance, hitting an all-time high for three consecutive days amid acquisition rumors by Paramount Skydance Corp. (NASDAQ:PSKY) [1][3] - Reports indicate that Paramount is preparing a majority cash bid to acquire Warner Bros. Discovery, which includes its cable networks and movie studio [2][3] - The potential acquisition may face antitrust scrutiny due to the size and the combination of assets, including HBO Max and major franchises like Barbie and Harry Potter [3] Group 2 - The acquisition bid follows Paramount and Skydance's recent $8.4 billion merger, which ended RedBird's 38-year control over Paramount [4]

Group 1 - Paramount Global (NASDAQ:PARA) is preparing a majority cash bid to acquire Warner Bros. Discovery, Inc. (NASDAQ:WBD), which includes its cable networks and movie studio [2][3] - Warner Bros. stock surged to an all-time high of $17.24 during intra-day trading, closing up 28.95% at $16.17 [1][2] - The acquisition plan may trigger an antitrust investigation due to the size and nature of the merger, involving significant assets like HBO Max and the Harry Potter franchise [3] Group 2 - The acquisition follows the completion of Paramount and Skydance's $8.4 billion merger, which ended RedBird's 38-year control of Paramount [3] - Paramount Global's President and CEO Tom Ryan has stepped down and has been replaced by David Ellison [4]