Updated Sep 11, 2025 - Business
Warner Bros. Discovery stock soars on Paramount Skydance interest
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Paramount Skydance is working on a bid for Warner Bros. Discovery, a source familiar with the discussions tells Axios.
Why it matters: A merger would unite CNN, CBS, HBO, Nickelodeon and DC Studios under the same banner.
Zoom in: The source says the bid is not finalized and could change before it materializes.
- Shares of WBD surged more than 28% Thursday after the Wall Street Journal first reported on Paramount Skydance's intention to make a majority cash bid for the entire company.
- The Journal reported the bid for WBD would include both its cable networks and movie studios. WBD said in June it planned to separate those businesses into two publicly traded companies.
- CNBC reported WBD has not yet received an offer, but that a bid could come as soon as next week.
The big picture: The potential bid is the latest sign of Paramount Skydance CEO David Ellison's vision for the media company.
- Shortly after completing the merger of Paramount and Skydance, the combined company struck a 7-year deal for the U.S. rights to UFC.
- CBS is in talks with Bari Weiss to acquire her news site, The Free Press, and give her a senior editorial role at the company, Axios previously confirmed.
By the numbers: The Journal reported the bid would be backed by the Ellison family.
- David Ellison's father Larry is the chairman of Oracle, and was briefly the world's richest person this week after a $100 billion gain on the stock.
- As of Thursday's market close, Paramount Skydance has a market cap of about $19 billion, while WBD is valued at roughly $40 billion.
Editor's note: This story has been updated with new information throughout.
