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.
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.
Warner Bros. Discovery (NASDAQ: WBD) confirmed receipt on December 22, 2025 of an amended unsolicited tender offer from Paramount Skydance (NASDAQ: PSKY) to acquire all outstanding WBD common stock (the "Amended Tender Offer").
The WBD Board, with independent financial and legal advisors, will review the Amended Tender Offer consistent with its fiduciary duties and the Netflix Merger Agreement. The Board previously unanimously rejected a prior tender offer received on December 8, 2025 as providing inadequate value and not meeting the Netflix agreement's "Superior Proposal" criteria, and the Board is not modifying its recommendation regarding the Netflix Merger Agreement.
WBD advised stockholders not to take any action at this time. Allen & Company, J.P. Morgan and Evercore serve as financial advisors; Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton serve as legal counsel.
Paramount (NASDAQ:PSKY) amended its $30 per share all-cash offer for Warner Bros. Discovery (NASDAQ:WBD) on Dec 22, 2025, adding execution assurances to address WBD's stated concerns.
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Paramount (NASDAQ:PSKY) on Dec 10, 2025 sent a letter to Warner Bros. Discovery (NASDAQ:WBD) shareholders launching a $30.00 per share all-cash tender offer to buy all WBD shares.
Paramount says its offer is superior to the announced Netflix transaction, citing a $41 billion equity backstop, $54 billion debt commitments, a $5 billion regulatory reverse termination fee, a $6 billion synergy estimate, and faster regulatory timing. Paramount urges shareholders to tender by the scheduled Jan 8, 2026 expiration and notes the tender will remain open at least 20 business days.
Warner Bros. Discovery (NASDAQ: WBD) confirmed on Dec. 8, 2025 that Paramount Skydance (NASDAQ: PSKY) has commenced an unsolicited tender offer to acquire all outstanding shares of Warner Bros. Discovery common stock.
The Board said it will review the offer with independent financial and legal advisors consistent with its fiduciary duties and in accordance with the terms of its agreement with Netflix. The Board is not modifying its recommendation regarding the Netflix agreement and intends to advise shareholders of its recommendation on Paramount Skydance's tender offer within 10 business days. Shareholders were advised not to take action now. Allen & Company, J.P. Morgan and Evercore are financial advisors; Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton are legal counsel.
Paramount (NASDAQ: PSKY) launched an all-cash tender offer to acquire Warner Bros. Discovery (NASDAQ: WBD) for $30.00 per share, implying an enterprise value of $108.4 billion and a 139% premium to the undisturbed WBD share price of $12.54 on September 10, 2025. Paramount says its offer delivers $18 billion more cash than the competing Netflix proposal and is financed without a financing condition: equity backstopped by Ellison family and RedBird and $54 billion of debt commitments from Bank of America, Citi and Apollo.
The tender offer is scheduled to expire Jan 8, 2026 at 5:00 p.m. NYC time. Paramount cites $6+ billion in cost synergies and positions the deal as a pro‑competitive, faster path to close versus the Netflix transaction.
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