Paramount And WB Are Reportedly In Serious Merger Discussions As First Offer Gets Rejected

The number of major studios in Hollywood might soon get even smaller as Paramount Skydance is said to be very bullish on acquiring Warner Bros. Discovery.

News

By MarkJulian - Oct 12, 2025 02:10 PM EST

Filed Under: DC Studios

Source: Bloomberg

While many were skeptical that Warner Bros. Discovery would entertain the notion of a merger or acquisition after a banner year at the box office, a new report has confirmed that CEO David Zaslav is indeed entertaining offers.

First reported in June, it seems the newly merged Paramount Skydance (backed by Oracle founder Larry Ellison) is not done making moves. The studio reportedly has its eyes on acquiring Warner Bros.' studio and streaming assets, including HBO Max, Warner Bros. Television & Motion Pictures, and DC Studios, following its upcoming restructuring, which would see it jettison its linear/cable networks (CNN, TNT, Discovery, etc.).

Now, Bloomberg is reporting that Paramount has made an initial offer of $20 per share for the company, which totals a market capitalization of roughly $49.64 billion. Zaslav and his team rejected the offer, calling it too low.

Warner Bros. Discovery stock closed on Friday at $17.10 per share. It will certainly be interesting to see how this latest offer from Paramount moves the needle once the stock market opens on Monday morning.

Once the restructuring is complete in 2026, Zaslav and his team believe the new company, composed solely of studio and streaming assets, will have a stock price much higher than the current $17.10 per share listing.

Despite the banner box office year for Warner Bros. Discovery- thanks to James Gunn's Superman, A Minecraft Movie, Sinners, Weapons, The Conjuring: Last Rites, and Final Destination: Bloodlines, the company is still contending with the $30–$40 billion in debt created by the Warner Bros. and Discovery merger back in 2022.

Additional reports state that Paramount Skydance will look to increase its offer. If that is not accepted, they may consider bypassing Zaslav and other executive leadership, appealing directly to shareholders, or finding another partner to further increase the bid.

Last month, reports emerged that Netflix could also enter into discussions with Warner Bros. Discovery, but the streamer's leadership recently remarked that they are "highly unlikely" to make a bid. Still, unlikely doesn’t mean never, so the streaming giant should still be viewed as an outside, dark-horse contender.

With strong IP like Mission: Impossible, Star Trek, Sonic the Hedgehog, Top Gun, Jack Reacher, and Scream, acquiring WB’s library of DC heroes and villains, Game of Thrones, Harry Potter, and The Lord of the Rings would instantly position the new entity as Disney’s top rival, potentially supplanting Universal.

Stay tuned for future updates, as this is a continuing story likely to play out through the rest of 2025 and well into 2026.

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97 Comments

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harryba11zack - 10/12/2025, 2:49 PM

it's only a mateer of time now, it's coming back lads

epc1122 - 10/12/2025, 2:54 PM

@harryba11zack - I’ve read reports/rumors that Snyder only wants to adapt the dark knight by frank miller and if paramount gets wb they would want another reboot. If that is the case, probably won’t get anything dc related until 2030 the earliest and who’s to say how that will resonate with the audience.

harryba11zack - 10/12/2025, 2:56 PM

@epc1122 -

epc1122 - 10/12/2025, 3:04 PM

@harryba11zack - still don’t think it would be Snyder universe as all the actors would be too old for the roles and Snyder just wants to do Batman. Maybe you’re young and can be patient, getting too old for another reboot lol. There’s a reason why Snyderverse ended and don’t want to see it back. I’d be pretty nervous the new reboot is any good. Of course I’ll give it a try because I love these characters, but i almost think the next live action dc universe might be like the absolute universe. Might be interesting but might deviate too much from the original source material.

lazlodaytona - 10/12/2025, 3:44 PM

@epc1122 - damn.

That sucks bad

lazlodaytona - 10/12/2025, 3:46 PM

@epc1122 - Snyder would actually kill it with Batman.
As long as he doesn't write it, that warehouse scene in a completely dogsh1t movie was epic as all get out.

BigPhilbowski - 10/12/2025, 3:59 PM

@harryba11zack - ah yes. They'll bring back a series of movies that absolutely flopped

epc1122 - 10/12/2025, 3:59 PM

@lazlodaytona - I think im in the minority here, but I’m not a fan of frank millers Batman. Story is ok but don’t like the art style. If Snyder were to come back, i wouldn’t want him anywhere near writing the story. He’s decent with action but I think there tends to be too many problems with the story. His rebel moon series was extremely lackluster. I think people confuse dark with deep meaning and the two aren’t necessarily the same.

harryba11zack - 10/12/2025, 4:12 PM

@BigPhilbowski - that first wonder woman did good from what i recall, and the first fish guy film made over a billion dollar

RolandD - 10/12/2025, 5:36 PM

@harryba11zack - Those must be some really good drugs that you’re doing. That’s never going to happen.

RolandD - 10/12/2025, 5:44 PM

@epc1122 - The Dark Knight Returns was only ever interesting to me as an Elseworlds story even though we weren’t using that term back then. The only work on.The Batman that I ever appreciated by Miller was Year One, but I hate what he did to Selena. I’m old school and I’d rather see anything written by Denny O’Neil or Steve Englehart than Frank Miller. Miller and Snyder almost belong together though. They both seem to think that disturbing equals cool and edgy. I think Miller was better when he was younger.

RolandD - 10/12/2025, 5:45 PM

@BigPhilbowski - Clearly you get it.

epc1122 - 10/12/2025, 5:50 PM

@RolandD - my favorite Batman story is hush and under the red hood but both stories I really liked bc it dealt with Jason Todd.

RolandD - 10/12/2025, 5:50 PM

@harryba11zack - You are absolutely right. What you left out was discussion of their sequels. Man of Steel was also all right. However, in my humble opinion, the worst things about it or directly because of Snyder and his edgy ideas, such as snapping Zod’s neck and so much death and destruction, including Pa Kent’ death
.

RolandD - 10/12/2025, 5:52 PM

@RolandD - Are, not or. Voice dictation sucks. Bring back the edit button.

RolandD - 10/12/2025, 5:55 PM

@epc1122 - I am at a serious disadvantage since I stopped buying comics in the late 80s. I know of the stories, but I’ve not read them. It ruined an old “meme” that was a meme before we had the Internet. In comics, no one stays dad except for Uncle Ben, Bucky and Jason Todd. Oh well, one out of three isn’t bad.😂

epc1122 - 10/12/2025, 6:02 PM

@RolandD - I haven’t been reading comics for awhile too but have some of my favorites. Did you ever see the dark knight animated movie?

blitzburgh - 10/12/2025, 7:02 PM

@harryba11zack - it's not coming back you jackass

RolandD - 10/12/2025, 7:04 PM

@epc1122 - No and I should. I saw Year One which I enjoyed although they didn’t do a good job imitating Mazuchelli’s art. The same was true with The Killing Joke, although I hated what they did with Barbara and Bruce in that one. I also like the original story better when it was an Elseworlds story and not canon like they later made it, mainly because of what Alan Moore did to Barbara also in that.

RolandD - 10/12/2025, 7:05 PM

@epc1122 - I am really not a huge fan of the animated movies even if they are good. I’d rather see live action.

epc1122 - 10/12/2025, 7:17 PM

@RolandD - I was pretty disappointed with what they did with the hush animated movie. I was ok with the storyline but disappointed it didn’t look like Jim lees art snd they eliminated Todd from the story. I thought the killing joke was ok and wasn’t too bothered with Barbara and Bruce part of the storyline. I’m generally ok with changes to a story.

epc1122 - 10/12/2025, 7:19 PM

@RolandD - I prefer live action too but still enjoy tjr animated movies. Well I was hoping for more with the three part crisis movies. The last few dc animated movies I found boring. With that said, this weekend it was announced that Batman knight fall is going to be an animated movie. Definitely looking forward to that.

ModHaterSLADE - 10/12/2025, 2:50 PM

Well, if I did go through, it would be some serious competition for Disney Plus.

epc1122 - 10/12/2025, 2:57 PM

@ModHaterSLADE - how do you figure?

ModHaterSLADE - 10/12/2025, 3:57 PM

@epc1122 - Ummm. Maybe the shitload of WB content being added to Paramount's streaming service. You know all those popular blockbusters WB has on top of DC projects...

epc1122 - 10/12/2025, 4:05 PM

@ModHaterSLADE - if it’s not really competing now with the library, I don’t think adding paramount is going to move the needle all that much. Maybe a little bit, but I think Disney is pretty far ahead of wb. I think if wb was aligned with universal/peacock, maybe it would be closer competition. I say that because universal also has a theme park which could help the I.p’s wb have to further the brand recognition.

Apophis71 - 10/12/2025, 4:13 PM

@epc1122 - Well dunno bout anywhere else but we don't get HBO streaming in the UK but DO have Paramount plus so maybe US side it wouldn't have as much impact but could be a game changer for international access to WB content which currently tends to be split tween Amazon Prime and Netflix.

ModHaterSLADE - 10/12/2025, 4:16 PM

@epc1122 - Fair enough

epc1122 - 10/12/2025, 4:20 PM

@Apophis71 - maybe, admittedly I don’t know about the international side of things. Eh, would also have to do research on the us front too. Just curious, Do you get peacock?

Arthorious - 10/12/2025, 4:37 PM

@epc1122 - I need to double check but does WB own six flags or is there some partnership there?

epc1122 - 10/12/2025, 4:40 PM

@Arthorious - I think it’s just a partnership.

Apophis71 - 10/12/2025, 5:49 PM

@epc1122 - THINK we have Peacock, we did at one point but unsure if we still do, there is also a Discovery plus streaming service (which is almost all reality TV and sport) but currently whatever when it comes to WB content it's a mess with stuff all over the show. All their newer stuff tends to be either Netflix or Amazon prime (oft on one of the add on channels when it comes to DC TV shows at times) but we have scraps of stuff all over the show when looking beyond just films of the past decade or so.

epc1122 - 10/12/2025, 5:59 PM

@Apophis71 - im sorry, sounds like a mess. I def think it would be nice to have streamlined version of the apps. It’s just too many. Lol

Apophis71 - 10/12/2025, 6:37 PM

@epc1122 - Yeh I don't bother with most of them at all.

Luckily with Sky TV we get Discovery plus and Paramount plus for free through the main sky menu but they are a nightmare to use so have to REALY wanna see something to bother (in the latter case basicaly Trek content and little else).

MOSTLY just wait for DC films to stream on one of the Sky movie broadcast channels (with an easy to use free on demand option) which TENDS to happen same time they go online for free everywhere else. I did use the Amazon prime add on channel a couple times in the past for one month only to binge watch Doom Patrol and one of the Batman related shows but those aren't cheap after the free trial period for how little or worth is on them. So now, basicaly if it isn't free on Amazon prime (which we effectively get for free as only had it for fast free eonline shopping which pays for itself with how much we save) or Netflix I don't bother anymore.

IF there was a one stop shop for ALL Paramount and WB content (with a decent interface where you could find stuff easily) I may be more inclined to check it out more regularly. As it currently stands with stuff all over the shop just isn't oft worth the hassle and certainly not any additional costs. Heck it was the final straw with Arrowvers after Crisis, up until then all the shows bar Black Lightning were shown on a Sky TV channel, after that most them we could only get on streaming and I didn't have enough interest left in them to keep going as was let alone with having to go searching for them.

epc1122 - 10/12/2025, 7:13 PM

@Apophis71 - sounds like a lot of work. I’m lucky where I’m able to get the streaming services but still try to buy things digitally. It would definitely be nice to have less streaming services and if they were combined. I buy them digitally because some movies and tv shows go to different services and I can’t stand it. I sometimes worry that Apple TV will shut down lol

HashTagSwagg - 10/12/2025, 2:51 PM

HulkisHoly - 10/12/2025, 6:25 PM

@HashTagSwagg -

Keep dreaming

harryba11zack - 10/12/2025, 7:18 PM

@HulkisHoly -

i once dreamt i was taking a sh1t, the next day when I woke up....I did

JackDeth - 10/12/2025, 2:55 PM

I wonder if that means they would acquire HBO as well. I only care because it would be nice to see all of their content on one service instead of having to pay for both HBO max and Paramount+

epc1122 - 10/12/2025, 4:43 PM

@JackDeth -it would be nice to have less apps but I could see them increasing the price since there would be more content.

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Paramount And WB Are Reportedly In Serious Merger Discussions As First Offer Gets Rejected

The number of major studios in Hollywood might soon get even smaller as Paramount Skydance is said to be very bullish on acquiring Warner Bros. Discovery.

RUMOR: DC Studios Is Developing A PLASTIC MAN Project - Will It Be A Movie Or TV Series?

James Gunn Shares DCU Slate Update, Why PEACEMAKER Was A Priority, And Whether Lex Was Referencing Killer Croc

DISCLAIMER: As a user generated site and platform, Comic Book Movie is protected under the DMCA (Digital Millenium Copyright Act) and "Safe Harbor" provisions.