Paramount Global, newly merged with Skydance Media, has made an approach to acquire Warner Bros. Discovery (WBD).
According to Bloomberg, which first reported the story, the initial US $20 per share bid has already been rejected by Warner Bros. Discovery’s board as undervaluing the company. Sources cited by Reuters confirm that Paramount is now exploring options to raise its offer, potentially with financial backing from private equity partners such as Apollo Global Management.
The proposed takeover would create one of the world’s largest entertainment groups, combining Paramount’s CBS, Paramount Pictures and Pluto TV operations with Warner Bros. Discovery’s portfolio, including HBO, CNN, Discovery Channel, and Warner Bros. studios.
Industry analysts say the move comes amid intensifying pressure across Hollywood as major players pursue scale to compete in global streaming. A merger of Paramount and WBD would echo previous rounds of consolidation such as Disney’s acquisition of 21st Century Fox and the Discovery-WarnerMedia merger in 2022.
Paramount’s Skydance leadership, led by David Ellison, is understood to view the acquisition as strategically compelling – providing greater scale in content production, global distribution, and technology integration.
