Report: Paramount bidding to acquire Warner Bros. Discovery

With new ownership under Skydance and David Ellison, Paramount is trying to make a splash.

According to a report by Jessica Toonkel at The Wall Street Journal, Paramount Skydance is preparing a bid for the entirety of Warner Bros. Discovery, including the cable assets set to be split from the company in April 2026. The deal would include everything under the Warner Bros. Discovery umbrella including the movie studio, HBO Max, and the cable assets including TNT Sports.

Under new ownership, Paramount has already begun to make splashy deals. Shortly after Ellison’s takeover, the company outbid several other interested parties for the entire suite of UFC rights at a price of $1.1 billion per year. Analysts have expected the company to be active in acquiring what sports rights are left on the market, but a potential purchase of Warner Bros. Discovery was not widely anticipated.

If Paramount is able to close a deal to acquire Warner Bros. Discovery, it would have a formidable sports rights portfolio. Paramount would gain the portion of the NCAA Men’s Basketball Tournament it currently shares with TNT Sports, the College Football Playoff games TNT currently sublicenses from ESPN, postseason inventory for both MLB and the NHL, a package of NASCAR races, the French Open, some college football, and more.

Paramount would also be able to offer broadcast network exposure for those properties that Warner Bros. Discovery does not currently have. Regulatory scrutiny will also be kept at a lower level due to the fact that Warner Bros. Discovery does not have a broadcast network.

Should a deal like this become finalized, it would massively change the landscape of both sports media, and media writ large.