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. reports developments across its global media and entertainment business, including television, film, streaming and gaming. Recurring updates include quarterly earnings, conference-call materials, shareholder letters and corporate announcements tied to its branded content portfolio, including HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, Warner Bros. Motion Picture Group, Warner Bros. Television Group and Warner Bros. Games.
Company news also covers governance matters, shareholder voting items, material agreements and capital-structure disclosures related to WBD's public securities and corporate actions.
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.
Key changes: an irrevocable personal guarantee of $40.4 billion from Larry Ellison, a commitment not to revoke the Ellison family trust (which Paramount reports holds ~1.16 billion Oracle shares), an increase in the regulatory reverse termination fee to $5.8 billion, expanded interim-operational flexibility, a condition that WBD retain 100% of its Global Networks, and a tender deadline extension to Jan 21, 2026.
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Warner Bros. Discovery (NASDAQ: WBD) board unanimously recommends shareholders reject Paramount Skydance's (PSKY) tender offer and continue to support the merger with Netflix. The board cites superior certainty and value from the Netflix deal: $23.25 cash plus $4.50 in Netflix stock (collar $97.91–$119.67), binding financing, and Discovery Global separation upside. WBD alleges PSKY's $40.65 billion equity commitment lacks an Ellison-family backstop and relies on a revocable trust with capped damages (7%, ~$2.8bn on a $108.4bn transaction). The board flags PSKY's 6.8x 2026E leverage, PSKY financing risks, and roughly $4.3bn of potential costs to WBD shareholders if PSKY succeeds ($2.8bn termination fee plus ~$1.5bn financing costs, ~ $1.66/share).
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.
Warner Bros. Discovery (Nasdaq: WBD) reported financial results for the quarter ended September 30, 2025 and will host a conference call today at 8:00 a.m. ET to discuss results.
Investors can access earnings materials, a live webcast, and a replay via the company's Investor Relations website at https://ir.wbd.com/. Telephone replay will be available until November 13, 2025 by calling +1 888-660-6264 or +1 646-517-3975 with passcode 76732#. The audio webcast replay will be available on the investor site for twelve months.
The release includes a company description and directs readers to www.wbd.com for more information.