In a dramatic escalation of Hollywood’s consolidation saga, Paramount Skydance is reportedly exploring a full-scale takeover of Warner Bros. Discovery, with discussions underway to enlist Apollo Global Management and Legendary Entertainment as financial and strategic partners.
Sources close to the matter say David Ellison, CEO of the newly merged Paramount Skydance, is pursuing a bold bid that could exceed $60–$70 billion, aiming to acquire Warner Bros. Discovery in its entirety—including Warner Bros. studios, HBO, CNN, TNT, Discovery Channel, and other cable assets. The move would preempt Warner Bros. Discovery’s planned corporate split in 2026 and potentially block rival bidders such as Amazon, Apple, and Netflix from entering the fray.
Apollo Global Management, led by billionaire Marc Rowan, is said to be the closest to joining Ellison’s bid. Apollo previously made a $26 billion offer for Paramount in 2024 before losing out to Skydance. The firm already owns Cox Media Group and holds a major stake in Legendary Entertainment, making it a natural ally in this high-stakes media play.
Legendary Entertainment, known for producing blockbuster franchises like Dune and Godzilla, could bring valuable production muscle and IP leverage to the table. While Blackstone has reportedly explored a financing role, insiders suggest it is unlikely to participate at this stage.
A formal bid from Paramount Skydance could be structured as 70% to 80% cash, with backing from Oracle co-founder Larry Ellison—David Ellison’s father—and the remainder in stock. Warner Bros. Discovery shares rose 1.5% on Friday, trading around $19, as speculation mounted over the potential offer range of $22 to $24 per share.
Industry analysts say the timing is strategic. By acting before Warner Bros. Discovery’s split, Ellison could secure cost synergies across overlapping cable networks and capitalize on shared infrastructure between CBS and CNN, especially in sports broadcasting.
Neither Paramount Skydance nor Apollo has issued formal comments. However, insiders suggest Ellison is racing to secure capital amid growing chatter about his father’s limited appetite for further media investments.
If successful, the acquisition would reshape the entertainment landscape, merging two of Hollywood’s most storied studios and creating a media titan with unmatched reach across film, television, streaming, and cable.
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