Long-gestating speculation about a sale of Warner Bros. Discovery burst out into public view on Thursday after the Wall Street Journal reported that Paramount’s new owners are preparing a bid for the rival media company.
Analysts told CNN that the potential offer from Paramount is likely the beginning of a bidding war for Warner Bros. Discovery, known as WBD. They cautioned that any actual deal would be a protracted, complicated affair.
Shares of WBD, CNN’s parent, surged 29% to close at a three-year high. WBD’s stock has now almost fully rebounded to the level the company started when it was formed through a merger in 2022.
Shares in Paramount soared more than 15% in a further reflection of investor enthusiasm about the beleaguered media giants.
“The only surprise is the timing,” Bank of America Securities senior media and entertainment analyst Jessica Reif Ehrlich said. “It’s obvious the media industry needs to consolidate.”
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https://www.cnn.com/2025/09/11/media/paramount-warner-bros-discovery-wbd-bid