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Bond Market News
Paramount Skydance Prepares Bid for Warner Bros Discovery
September 12, 2025
Paramount Skydance is preparing a bid to acquire Warner Bros Discovery (WBD) in what could be one of Hollywood’s largest-ever media mergers, as per sources. The potential deal, backed by the Ellison family, would unite franchises from DC Comics, Nickelodeon, The Matrix, and Star Trek, along with news networks CNN and CBS, under one umbrella. The move comes just weeks after Skydance completed its $8.4bn acquisition of Paramount Global. Warner Bros has been restructuring to separate its cable and streaming units, but Skydance is reportedly seeking to buy all assets largely in a cash transaction. Analysts said WBD shareholders may prefer a cash-rich exit vs. waiting for CEO David Zaslav’s turnaround plan.
If successful, the combination would create a stronger rival to Netflix, Disney and Comcast, though experts say that antitrust scrutiny is expected. Analysts also warn that the DOJ may assess impacts on pricing, creator bargaining power, and content diversity if the merger were to take place. While no offer has been made as per sources, markets welcomed the merger news with positivity and Warner Bros’ and Paramount’s share prices surged by 29% and 16% respectively.
Paramount’s 4.2% 2029s are slightly down by 0.1 points and currently trade at 98.86, yielding 4.53%. Meanwhile, Discovery Communications’ 6.35% 2040s were up by over 3 points, currently trading at 72.9 cents to the dollar and yielding 9.87%.
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