Warner Bros. Discovery, Inc.

Money Moves

Deal paused by federal TRO through at least August 17; preliminary injunction hearing August 3; stands to receive ~$7M/day from Paramount in ticking fees for each day past September 30

Paramount Skydance won the WBD bidding war in February 2026 and cleared the DOJ and European Commission by July. The deal is now paused: a federal judge in Oakland issued a temporary restraining order on July 20 after a 12-state coalition led by California sued to block it.

Updated Jul 25

Money Moves

Seller; splitting into Warner Bros. and Discovery Global

On December 5, 2025, Netflix announced a definitive deal to acquire Warner Bros.' film and television studios and streaming businesses, including HBO and HBO Max, valued at $72 billion in equity and $82.7 billion including debt. On January 20, 2026, the parties amended to an all-cash structure at $27.75 per share, with a shareholder vote expected by April 2026.

Updated May 10

Money Moves

Rejecting Paramount Skydance hostile tender offer while reaffirming support for the Netflix agreement; advancing required SEC and antitrust processes.

After Netflix and Warner Bros. Discovery announced their $72 billion equity-value agreement on December 5, the transaction quickly became a live bidding contest and a regulatory test case. On December 8, Paramount Skydance launched an unsolicited all-cash tender offer at $30 per share to derail the Netflix deal and keep WBD intact, including networks slated for its Discovery Global spin-off. Within days, Netflix began a coordinated shareholder push backing its signed merger agreement and emphasizing regulatory execution, while WBD prepared formal filings to respond to the tender offer.

Updated May 9