Paramount, a Skydance Corporation (ticker PSKY) has re‑launched a bid for Warner Bros. Discovery (WBD) at $23.50 per share, valuing WBD at roughly $71 billion. The bid follows a series of earlier offers that were rejected, including a $24‑per‑share proposal.
WBD reported Q3 2025 revenue of $9.0 billion and a net loss of $148 million, down from a $9.6 billion revenue and $0.1 billion net income in Q3 2024. Paramount, a Skydance Corporation reported Q3 2025 revenue of $6.7 billion and a net loss of $257 million, reflecting ongoing integration costs.
The bid would give Paramount access to WBD’s extensive content library, including the HBO Max streaming platform, and would accelerate its direct‑to‑consumer growth. WBD’s board has initiated a formal review of strategic alternatives, citing the need to unlock shareholder value amid a challenging streaming environment.
Comcast and Netflix have also signaled interest in WBD, and the board has indicated it would consider offers closer to $30 per share, a level that would increase the valuation beyond the current $71 billion estimate.
David Zaslav, CEO of WBD, emphasized that the company is focused on maximizing value for shareholders and that the review process will consider all offers. David Ellison, CEO of Paramount, said the company remains committed to building a global media powerhouse and that the bid reflects its long‑term vision for content and distribution.
The announcement has prompted investors to reassess valuation expectations, with some analysts noting that the current offer may fall short of the board’s desired price range. The bid underscores the ongoing consolidation trend in the media industry and highlights the strategic importance of scale and content ownership.
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