It's got all the drama of a movie, only it's playing out in boardrooms instead of theaters. First came the $82.7 billion offer from Netflix (NFLX) to buy the film and TV studios of Warner Bros. Discovery (WBD) in December. Warner's Discovery Global unit, which includes CNN, Discovery and TNT Sports, would have been spun off to the public in late 2026.
Though not all rejoiced at the union, the two seemed destined to plight their respective troths, until Paramount Skydance (PSKY) showed up like a suitor shouting objections at the altar with a competing, hostile offer to buy all of Warner Bros. Discovery for $108.4 billion, which it then raised to $111 billion.
