Welcome to our dedicated page for WARNER BROS DISCOVERY news (Ticker: WBD), a resource for investors and traders seeking the latest updates and insights on WARNER BROS DISCOVERY stock.
Warner Bros. Discovery, Inc. (NASDAQ: WBD) generates frequent, high-impact news as a media and entertainment company active in cable and other subscription programming, streaming, studios and global networks. Its news flow reflects both its portfolio of brands—such as Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HGTV, Food Network, TLC, Cartoon Network, Adult Swim, Warner Bros. Motion Picture Group and Warner Bros. Television Group—and major corporate transactions and financing activities.
Recent disclosures and press releases highlight several key themes for WBD news. First, the company has announced plans to separate its Streaming & Studios business (“Warner Bros.”) from its Global Networks business (“Discovery Global”) in a tax-free transaction, potentially creating two publicly traded companies. This separation plan has driven updates on executive appointments, leadership structures and financing arrangements, including a leveraged bridge loan facility and amendments to revolving credit agreements.
Second, Warner Bros. Discovery has entered into an Agreement and Plan of Merger with Netflix, Inc. Under this Merger Agreement, and subject to conditions and approvals, WBD’s Streaming & Studios business is expected to become a wholly owned subsidiary of Netflix after an internal reorganization and the separation and distribution of its Global Linear Networks business into a new SpinCo. News items detail the proposed cash-and-stock consideration for WBD shareholders, the Net Debt Adjustment mechanism and the treatment of equity awards.
Third, Paramount Skydance Corporation has launched and amended an unsolicited all-cash tender offer to acquire all outstanding WBD shares. Paramount’s communications emphasize its $30 per share proposal, financing commitments and its view that its offer is superior to the Netflix transaction, while WBD’s Board has issued statements and letters recommending that shareholders reject the Paramount offer and support the Netflix combination.
On this WBD news page, readers can follow developments related to the Netflix Merger Agreement, the strategic review, the proposed separation of Warner Bros. and Discovery Global, Paramount’s tender offer, debt tender offers, bridge financing and executive leadership changes. Investors and observers can use this feed to track how these corporate actions may affect WBD’s capital structure, business configuration and role in the media and entertainment landscape.
Warner Bros. Discovery (Nasdaq: WBD) will report its fourth quarter and full year 2025 results on Thursday, February 26, 2026 before the market opens. A live webcast of the conference call and earnings materials will be available in the Investor Relations section starting at approximately 7:00 a.m. ET.
The company will host a conference call at 8:00 a.m. ET. Telephone replay is available until March 5, 2026 (+1 888-660-6264 or +1 646-517-3975; passcode 97030#). An audio webcast replay will be available on the Investor Relations site for twelve months.
Paramount Skydance (NASDAQ: PSKY) says it has made a $30 per-share all-cash offer for Warner Bros. Discovery (NASDAQ: WBD) and criticizes WBD's board for granting a 7-day waiver with Netflix and proceeding with a March 20, 2026 shareholder meeting. Paramount highlights WBD proxy materials stating merger consideration ranging $21.23–$27.75 and points to a previously disclosed $0.25 per-share per-quarter ticking fee as added value in Paramount's proposal. Paramount will continue its tender offer, solicit shareholder opposition to the Netflix merger, and intends to nominate directors while offering voting and contact information for its solicitation.
Ancora Holdings (investor with ~$200M economic interest in Warner Bros. Discovery, NASDAQ: WBD) released a presentation on Feb 11, 2026 opposing the proposed WBD-Netflix merger and urging the WBD board to re-engage with Paramount. Ancora argues Paramount offers $30 cash and credible Ellison Trust backing, while the Netflix deal has uncertain cash (maximum $27.75; could be as low as $21.23) and regulatory risk.
Ancora highlights DOJ antitrust scrutiny, concerns about a Discovery Global spinoff debt allocation, and urges shareholders to seek a higher-value outcome.
Warner Bros. Discovery (NASDAQ: WBD) confirmed receipt of an amended unsolicited tender offer from Paramount Skydance (NASDAQ: PSKY) to acquire all outstanding WBD common shares on Feb 10, 2026. The WBD Board will review the offer in consultation with independent financial and legal advisors and is not modifying its recommendation in favor of the Netflix merger agreement at this time. WBD filed a Schedule 14D-9 solicitation/recommendation statement with the SEC and directed shareholders to review SEC filings. WBD named Allen & Company, J.P. Morgan and Evercore as financial advisors and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton as legal counsel.
Paramount (NASDAQ: PSKY) amended its all-cash offer to acquire Warner Bros. Discovery (NASDAQ: WBD) at $30.00 per share, valuing equity at $78 billion and enterprise value at $108 billion. Key enhancements include a $0.25/ share ticking fee beginning Jan 1, 2027 (~$650M/quarter), funding of a $2.8B Netflix termination fee, reimbursement of up to $1.5B debt financing costs, $43.6B equity and $54.0B debt commitments, and a $43.3B personal guarantee from Larry Ellison. Paramount certified compliance with the DOJ second request on Feb 9, 2026 (triggering a 10-day waiting period) and secured German foreign investment clearance on Jan 27, 2026.
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Netflix (NASDAQ: NFLX) reported Q4 2025 results with revenue of $12.05 billion, up 18% year‑over‑year, and net income of $2.42 billion (diluted EPS $0.56, +31% YoY). Operating income rose to $2.96 billion and operating margin expanded to 24.5%. Free cash flow for Q4 was $1.87 billion, while full‑year 2025 revenue reached $45.2 billion (+16% YoY) with $9.5 billion in free cash flow and a 29.5% operating margin. Memberships surpassed 325 million paid members. Advertising revenue exceeded $1.5 billion in 2025 with management expecting ~$3 billion in ad revenue for 2026. Netflix amended its merger agreement with Warner Bros. Discovery to an all‑cash deal at $27.75 per WBD share and has $42.2 billion in bridge facility commitments to support the acquisition. The company paused share buybacks and ended Q4 with $9.0 billion in cash.
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Paramount (NASDAQ:PSKY) reaffirmed its $30.00 per share all-cash, fully financed offer to acquire Warner Bros. Discovery (NASDAQ:WBD) on Jan 8, 2026, and said WBD declined to engage. Paramount states its offer is superior to WBD's agreement with Netflix, which Paramount values at $27.42 per share today after adjusting for Netflix share price and an assumed zero equity value for the spun Discovery Global. Paramount assumes Discovery Global trades at a 3.8x EBITDA multiple and derives an illustrative Discovery Global equity value of $0.00 per WBD share (with up to ~$0.50 illustrative M&A option value). Paramount also says committed debt financing of $54.0 billion remains in force from Bank of America, Citibank and Apollo.
Warner Bros. Discovery (NASDAQ: WBD) announced its Board unanimously recommends shareholders reject Paramount Skydance's (PSKY) amended tender offer and continue supporting the merger with Netflix (NASDAQ: NFLX).
The Board says the Netflix deal offers $23.25 cash plus $4.50 in target Netflix stock value, greater certainty and no comparable transaction costs. By contrast, PSKY's offer would trigger about $4.7B of costs to WBD (including a $2.8B termination fee, a $1.5B fee and ~$350M interest), relies on >$50B incremental debt, would create ~7x pro forma leverage and could take 12–18 months to close.