Warner Bros Discovery shares soar on Paramount Skydance takeover rumours

Shares in Warner Bros Discovery and Paramount Skydance spiked significantly after reports emerged that Paramount Skydance is preparing a takeover offer for Warner Bros Discovery. The deal would cover the entire company, which oversees major assets including CNN, HBO, and the film studios behind hits such as "Barbie" and "Harry Potter".

The potential merger marks another turn in the consolidation of the US media industry, particularly amid the rapid growth of streaming platforms and escalating regulatory scrutiny under the Trump administration. Neither Warner Bros Discovery nor Paramount Skydance has publicly confirmed the reports. The Wall Street Journal was first to break the news.

Paramount Skydance is led by David Ellison, son of Oracle co-founder Larry Ellison. Notably, Paramount Skydance had just finalised its own $8 billion merger, with Skydance acquiring Paramount Pictures. Since the takeover reports, Warner Bros Discovery shares rallied roughly 29%, while Paramount Skydance shares were up about 16%.

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The deal remains unconfirmed; internal and regulatory approvals could prove challenging, and sources suggest the plan might still collapse.