Paramount Global Reportedly Considers Hostile Takeover Bid for Warner Bros. Discovery Paramount Global, emboldened by its recent acquisition by Skydance Media, is reportedly weighing a hostile takeover bid for Warner Bros. Discovery (WBD). The move, if pursued, would represent a significant consolidation in the media landscape and could reshape the future of streaming and entertainment. According to a CNBC report published Wednesday, November 5, 2025, David Ellison, now at the helm of Paramount, has already made multiple offers for WBD, all of which have been rejected.

WBD's Strategic Review and Potential Breakup Warner Bros. Discovery has been publicly exploring strategic options, including a potential split into two separate entities, tentatively scheduled for completion by April 2026. This plan, however, is not set in stone, and the WBD board is reportedly open to considering acquisition offers for the entire company or its individual parts. The proposed split would create two distinct businesses:

Warner Bros. (formerly "Streaming & Studios"): Encompassing Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max, Warner Bros. Games, and related businesses. Discovery Global (formerly "Global Networks"): Housing entertainment, sports, and news television brands, including CNN, TNT Sports, Discovery, and associated streaming services like Discovery+ and CNN's planned streaming platform.

Paramount's Offers and Hostile Bid Threat CNBC reports that Ellison/Skydance has presented three offers to acquire WBD in its entirety. The most recent offer was reportedly valued at $23.50 per share, consisting of 80% cash and 20% equity. However, WBD's board has rejected all three proposals. Undeterred, Ellison reportedly sent a letter to the WBD board on October 13, 2025, arguing that a Skydance acquisition would provide greater value to shareholders than the planned breakup. The letter, cited by CNBC, suggests that internal analysis indicates the breakup would generate a present value of less than $15 per share, significantly lower than Paramount's offer. The report further suggests that if WBD continues to reject Paramount's advances, Ellison is prepared to take his offer directly to WBD's shareholders in a hostile takeover attempt. He would likely argue that his offer represents a substantial premium over WBD's share price before acquisition rumors surfaced.

Expert Analysis: The Rationale Behind a Potential Merger "The media landscape is increasingly defined by scale," explains Dr. Anya Sharma, a professor of media studies at the University of Southern California. "A combined Paramount Global and Warner Bros. Discovery would possess an immense library of content, a diversified portfolio of streaming services, and significant market power. This scale is crucial to competing with industry giants like Netflix and Disney." Dr. Sharma also notes that a merger could lead to significant cost synergies through the consolidation of operations and the elimination of redundancies.

WBD's Alternatives and the Future of Media Should WBD reject Paramount's advances, the company has several alternative paths. These include proceeding with the planned breakup, merging one of its units with another media conglomerate such as Comcast/NBCUniversal or Netflix, or remaining independent. The decision hinges on the board's assessment of which strategy will maximize shareholder value and position the company for long-term success in the rapidly evolving media landscape.

Historical Context: Media Consolidation and Antitrust Concerns The potential acquisition of WBD by Paramount Global comes amid a broader trend of media consolidation. In recent decades, numerous mergers and acquisitions have reduced the number of independent media companies, raising concerns about market concentration and potential antitrust violations. "Historically, regulators have scrutinized mergers that could lead to reduced competition and higher prices for consumers," says Mark Olsen, an antitrust lawyer specializing in the entertainment industry. "A Paramount-WBD merger would undoubtedly face intense scrutiny from the Department of Justice and the Federal Trade Commission." The outcome of this potential takeover battle remains uncertain. However, it underscores the intense competition and strategic maneuvering that characterize the modern media industry, where scale, content, and streaming dominance are paramount.