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Paramount in talks for Gulf backing in Warner takeover, WSJ reports

(In Case You Missed It)

April 5, 2026

Paramount Skydance is in talks to secure signed equity commitments ?of almost $24 billion from three sovereign wealth funds led by Saudi Arabia to help back its takeover of Warner Bros Discovery, ?the Wall Street Journal reported on Sunday.

The U.S. ?entertainment giant in February said it has agreed buy ?its peer in a $110 billion deal - with an equity ?value of $81 billion - that they expect to close in ?the third quarter.

The merger would combine major studios and networks such as CNN and CBS, enabling them to compete more aggressively as ?streaming draws audiences away from traditional linear TV.

To help ?back the takeover, Saudi Arabia's Public Investment Fund (PIF) has agreed to ?provide ?roughly $10 billion, the WSJ reported citing people familiar with the matter.

The other backers are likely to include Qatar Investment Authority and Abu Dhabi's L'imad Holding, the WSJ reported.

PIF, ?Qatar Investment ?Authority and L'imad ?Holding did not respond to requests for comment outside of regular business ?hours. Paramount declined to comment.

The Gulf backers ?will ?not have voting rights in the new Paramount-Warner entity, the WSJ reported.

Paramount executives do not expect the funds' involvement ?to trigger ?a review by the Committee ?on Foreign Investment in the U.S. or Federal Communications Commission, the Journal ?said.

Studio News

Warner Bros. Discovery

October 12, 2025 onwards - Developing News

Warner Bros. Discovery sale talks heat up after initial Paramount bid rejected

Paramount, backed by billionaire Larry Ellison, has made a bid to acquire Warner Bros. Discovery in a deal that would dramatically reshape Hollywood.

Warner Bros. Discovery’s board rejected the initial $20-per-share offer, but negotiations continue as Paramount prepares a second bid.

The potential merger would combine iconic brands including HBO, CNN, and Warner Bros. studio, with Warner Bros. Discovery valued at $42 billion.

Paramount, backed by billionaire Larry Ellison and his family, has officially opened the bidding for rival Warner Bros. Discovery — a potential massive merger that would dramatically change Hollywood.

Warner Bros. Discovery’s board rejected Paramount’s initial bid of about $20 a share, but talks are continuing, according to two people close to the companies who were not authorized to speak publicly.

One of the knowledgeable sources said Paramount was preparing a second bid.

Warner Bros. Discovery owns HBO, CNN, TBS, Food Network, HGTV and the prolific Warner Bros. movie and television studio in Burbank.

Developing news story.

News

Warner Bros. Discovery (via Grok)

Warner Bros. Discovery (WBD) is a global media and entertainment company formed in 2022 through the merger of WarnerMedia and Discovery, Inc. It operates a diverse portfolio, including Warner Bros. film and TV studios, HBO, Max streaming service, CNN, TNT, and Discovery Channel, broadcasting in over 220 countries and 50 languages. The company is navigating a challenging media landscape with a focus on debt reduction, streaming growth, and operational efficiency.

Recent Financial Performance

Stock Price: As of October 15, 2025, WBD's stock price is $17.98, up 67.9% year-to-date, outperforming the Zacks Broadcast Radio and Television industry (30.4%) and the Zacks Consumer Discretionary sector (4.7%). However, it remains 9.7% below its 52-week high of $20.24.

Market Cap: Approximately $42.34 billion.

Debt: The company carries a significant debt load of around $30–$35.6 billion, a key concern post-merger.

Q3 2025: Revenue declines and net losses persist, driven by challenges in linear TV and post-merger integration. However, the Max streaming service shows growth potential.

Strategic Developments

Corporate Restructuring: WBD plans to split into two entities by mid-2026: Warner Bros. (studios and streaming, including HBO and Max) and Discovery Global (linear networks like CNN, TNT, and Discovery+). This aims to unlock value through focused operations but introduces near-term uncertainty.

Takeover Talks: WBD rejected a $20-per-share acquisition offer from Paramount Skydance, deeming it too low. Reports suggest Paramount, possibly with Apollo Global Management, may increase its bid or approach shareholders directly. The potential merger could consolidate major assets like CNN and CBS News but faces regulatory and union scrutiny.

Streaming and Content: WBD is enhancing Max, though it will discontinue CNN Max on November 17, 2025, and integrate CNN’s new streaming service into an All Access subscription. Subscriber feedback highlights concerns over streaming quality and content mix.

Gaming Portfolio: A potential Paramount acquisition could expand Skydance’s gaming assets, including WBD’s Avalanche Software (Hogwarts Legacy), Rocksteady Studios (Batman Arkham series), and TT Games (LEGO series).

Market and Industry Context:
WBD operates in a competitive media environment dominated by Netflix (280M+ subscribers) and Amazon. Its stock trades at a low 1.2 times sales, reflecting skepticism about its linear TV assets, but the recent rally suggests market optimism around takeover rumors and restructuring. (Yahoo! Finance)

Analyst Views:
Citigroup raised its price target, boosting shares, while KeyBanc sees a takeover bid as positive but notes challenges with debt and regulatory hurdles. CFRA highlights execution risks in the planned split.

Volatility: WBD’s stock is highly volatile, with 24 moves exceeding 5% in the past year, indicating sensitivity to news like takeover bids.

Recent News

NHL on TNT: WBD secured a deal extension featuring Wayne Gretzky, potentially offsetting the loss of Inside the NBA.

Takeover Speculation: David Ellison’s Paramount Skydance is reportedly focusing on WBD’s studio and streaming assets, with no clear role for WBD CEO David Zaslav in a potential deal.

Consumer Impact: A potential merger could reduce competition and lead to layoffs, raising concerns for consumers and the industry.

Investment Considerations

Upside: The planned split and potential acquisition could unlock value, particularly for WBD’s studio and streaming divisions. The stock’s low valuation may appeal to value investors.

Risks: High debt, declining linear TV revenue, and execution risks in restructuring pose challenges. Regulatory resistance and deal uncertainty could pressure the stock.

Analyst Sentiment: Mixed, with a “Hold” rating from some analysts due to deal risks and financial challenges, though others see upside in a sum-of-the-parts valuation.

News

WBD A Gold Mine For The Right Investor At The Right Price. All parties need to win, and the end consumers needs to be satisfied with the end result for it to be sustainable across the board. (Media Man Group/Media Man Int)

Paramount Announces Landmark Media Rights Agreement With Zuffa Boxing

09/29/2025

Paramount+ will become the exclusive home of Zuffa Boxing throughout the U.S., Canada, and Latin America.

LOS ANGELES, CA and NEW YORK, NY – SEPTEMBER 29, 2025 – Paramount, a Skydance Corporation, (“Paramount”) (NASDAQ: PSKY) and TKO Group Holdings, Inc. (“TKO”) (NYSE: TKO), a premium sports and entertainment company, today announced a long-term media rights agreement in which Paramount+ will become the exclusive home of Zuffa Boxing throughout the U.S., Canada, and Latin America.

Zuffa Boxing is the new professional boxing promotion formed by TKO and leading entertainment conglomerate Sela, with leadership from UFC President and CEO Dana White; HE Turki Alalshikh, Chairman of the General Entertainment Authority and President of the Saudi Boxing Federation; Sela Managing Director and CEO Dr. Rakan Alharthy; and WWE President and TKO Board Member Nick Khan.

Beginning in January 2026, Paramount will exclusively distribute a full slate of Zuffa Boxing events starting with 12 action-packed cards, with plans to grow that number in subsequent years. The bouts will be available via Paramount’s direct-to-consumer streaming platform Paramount+, with the potential for select events to be simulcast on CBS, America’s leading broadcast network, and other Paramount platforms.

Dana White commented: “I’m excited to bring great boxing events to a global audience. There are millions of boxing fans that will now be able to watch competitive fights with up-and-coming boxers as well as the biggest stars in the sport. Paramount will be the home for UFC and boxing fans to watch the greatest fights in combat sports.”

HE Turki Alalshikh said: “This partnership with Paramount reinforces our vision to redefine the way viewers consume boxing. More fight fans will now have access to watch some of the most exciting boxers around. We have seen the proof that the appetite is there, this is the future for live boxing coverage and will ensure the sport continues to thrive.”

Said Cindy Holland, Chair of Direct-to-Consumer for Paramount, a Skydance Corporation: “Paramount has long been a leader in sports and sports storytelling, and this partnership marks a bold new chapter – not just for us, but for the future of boxing. It’s a partnership that advances several of our core priorities: delivering premium sports to fans, providing audiences with year-round marquee live events, and creating long-term value through a differentiated, must-watch portfolio of content. By combining TKO and Zuffa Boxing’s world-class production and promotional capabilities with our subscribers’ passion for sports, we are confident we will deliver something truly special to boxing fans throughout the U.S., Canada, and Latin America for years to come.”

Further details about Zuffa Boxing, including fight schedules and the first event to be live streamed on Paramount+, will be announced in the months ahead.

# # #

About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation (Nasdaq: PSKY) is a leading, nextgeneration global media and entertainment company, comprised of three business segments: Filmed Entertainment, Direct-to-Consumer, and TV Media. The Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America's most-watched broadcast network, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. For more information, please visit http://paramount.com.

About Zuffa Boxing

Zuffa Boxing is a joint venture between TKO Group Holdings, Inc. (“TKO”) (NYSE: TKO) and Sela, the entertainment conglomerate. TKO serves as managing partner, providing day-to-day operational expertise, management, and oversight of the promotion, with executive leadership anchored by UFC President and CEO Dana White and WWE President and TKO Board Member Nick Khan. The promotion aims to reimagine the sport of boxing by evolving the current model to restore the sport’s rightful place in the forefront of the global sports ecosystem. For more information, follow
@Zuffa_Boxing
on X; and
@ZuffaBoxing
on Snapchat, Instagram, Threads, and TikTok.

About Sela

Founded in 1997, Sela is a Saudi Arabian company specializing in creating, constructing, and operating unique destinations and recreational experiences across sports, entertainment, culture, and hospitality sectors. Initially recognized as Saudi Arabia’s first FIFA-recognized athletes’ representation company, Sela expanded into sports marketing

and has since diversified into broader recreational industries.

About TKO

TKO Group Holdings, Inc. (NYSE: TKO) is a premium sports and entertainment company. TKO owns iconic properties including UFC, the world’s premier mixed martial arts organization; WWE, the global leader in sports entertainment; and PBR, the world’s premier bull riding organization. Together, these properties reach 1 billion households across 210 countries and territories and organize more than 500 live events year-round, attracting more than three million fans. TKO also services and partners with major sports rights holders through IMG, an industry-leading global sports marketing agency; and On Location, a global leader in premium experiential hospitality.

(Sources: Paramount/Zuffa Boxing/TKO Group)

Media Man: Win-Win-Win!

News

WBD announces Global Experiences division

September 2024

In Case You Missed It

Bruce Campbell, Chief Revenue and Strategy Officer of Warner Bros Discovery (WBD), has announced a new global structure for the company’s worldwide studio tours, retail destinations, touring exhibitions, and all location-based experiences, bringing together the existing licensed entertainment and owned and operated teams into a single worldwide division.

WBD Global Experiences will be charged with strategically expanding the company’s fan facing experiences and pursuing new businesses that capitalise on the company’s intellectual property like those with Universal Destinations & Experiences and Miral, and its operated businesses including Warner Bros Studio Tours in Watford, Hollywood and Tokyo.

“WBD has an incredible mix of location-based experiences for fans around the world, from theme parks and tours to exhibits, retail and more,” said Campbell. “Bringing these two teams together under one roof gives us an opportunity to leverage and coordinate the talent and resources across all of our experiential businesses to better delight our consumers through offering even more truly authentic and engaging in-person experiences and events in every market.”

WBD Global Experiences combines the company’s existing Global Themed Entertainment licensing group, and the Studio Tours & Retail owned and operated division into a new unified division. The new team will develop and execute on global strategies that offer partners a mix of both models, putting WBD in a position to drive growth in the creation, development, licensing and operating of location-based entertainment inspired by Harry Potter, DC, Looney Tunes, Scooby-Doo, Game of Thrones, Friends, Discovery and more.

Simon Robinson, Chief Operating Officer of WBD Studios will add leadership of WBD Global Experiences to his responsibilities. He will report to Campbell for Experiences and will continue reporting into WBD’s Chief Financial Officer Gunnar Wiendenfels for his studio and content operations and financial roles.

Robinson has appointed two veterans to his new Experiences organisation who will report to him: Firstly, Peter van Roden, Executive Vice President, Global Themed Entertainment, will continue in his role leading the licensed location-based entertainment and theme parks businesses as well as the division’s global business development. His team will continue to manage the partnership with Universal Destinations & Experiences for The Wizarding World of Harry Potter locations, Miral for Warner Bros World Abu Dhabi and The WB Abu Dhabi, and the company’s other licensed exhibitions. And Sarah Roots, Executive Vice President, Worldwide Studio Tours & Retail, will continue in her role leading WBD’s owned and operated experiences including the award-winning Warner Bros. Studio Tour – The Making of Harry Potter, the Warner Bros Studio Tour Hollywood and the Harry Potter flagship and other retail stores.

In announcing the Global Experiences leadership team, Robinson said: “Peter and Sarah are experts in curating and executing global location-based experiences at the very highest caliber. Our teams have an obsession for detail that we bring to each project and together, we will be able to bring partners – and fans – even more of what they’ve come to expect from a Warner Bros experience.”

Media Man

Movie Streaming (United States)

July 11 - 17, 2024

1. If - Paramount+

2. The Beekeeper - Prime Video

3. Hillbilly Elegy - Netflix

4. Twister - Max

5. X - Kanopy

6. Beverly Hills Cop: Axel F - Netflix

7. Pearl - Prime Video

8. Monkey Man - Peacock

9. Godzilla X Kong: The New Empire - Max

10. A Quiet Place - Paramount+

Feature

NetherRealm Studios - Warner Bros. Games

Injustice: Gods Among Us

Profiles

Superman Batman Comics Hollywood Movies Human Statue Bodyart: Superheroes

Human Statue Bodyart: Gaming

Websites

NetherRealm Studios Warner Bros.

Injustice: Gods Among Us DC Comics Human Statue Bodyart Human Entertainment

Profiles

Superman Batman Comics Hollywood Movies Human Statue Bodyart: Superheroes

Human Statue Bodyart: Gaming Human Statue Bodyart: Brands

News

Human Statue Bodyart contracted to create DC Comics superheroes: Wonder-Woman and the Green Lantern; To appear in Injustice video game promotions and commercials

Injustice: Gods Among Us

Human Statue Bodyart contracted to create DC Comics bodyart creations: Sydney, Australia

Human Statue Bodyart (creation of the Injustice: Gods Among Us superheroes)

Websites

DC Comics Human Statue Bodyart

Profiles

Superheroes Movies Hollywood

Batman Wonder Woman Superman The Flash The Sandman

Watchmen The Joker Green Lantern

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Profile

DC Comics is the largest and most diverse English language publisher of comic books in the world. Founded in 1934 as National Allied Publications, the company that would one day become DC Comics virtually created the comic book, publishing the first comic of all original material. Then, in the spring of 1938, the first super hero story appeared in ACTION COMICS #1, introducing SUPERMAN. Other soon-to-be icons would follow, including BATMAN, WONDER WOMAN, GREEN LANTERN, THE FLASH and many others. Today, DC Comics publishes more than 80 titles a month and close to 1000 issues a year. DC has several imprints spanning the gamut of graphic storytelling: The DC Universe is the home of DC's peerless roster of super heroes; Vertigo caters to a more mature, literary readership; WildStorm offers a bold alternative take on heroic and adventure comics; CMX brings some of Japan's best-loved manga to American audiences; and Zuda Comics is DC's innovative web imprint. DC is also the home of MAD Magazine, the best-known humor magazine in America. DC Comics is a division of Time Warner, the largest entertainment company in the world.

Profile

DC Comics (founded originally in 1934 as National Allied Publications) is one of the largest and most popular American comic book and related media companies, along with Marvel Comics. A subsidiary of Warner Bros. Entertainment since 1969, DC Comics produces material featuring a large number of well-known characters, including Superman, Batman, Wonder Woman, the Flash, Green Lantern and the Justice League.

The initials "DC" came from the company's popular series, Detective Comics, which subsequently became part of the company's official name. DC Comic's official headquarters are at 1700 Broadway, 7th, New York, New York. Random House distributes DC Comics' books to the bookstore market, while Diamond Comics Distributors supplies the comics shop specialty market.

History

Origins

Entrepreneur Major Malcolm Wheeler-Nicholson's National Allied Publications debuted with the tabloid-sized New Fun: The Big Comic Magazine #1 in February 1935. The company's second title, New Comics #1 (December 1935), was published at a size close to what would become comic books' standard during the period fans and historians call the Golden Age of Comic Books, with slightly larger dimensions than today's. That title evolved into Adventure Comics, which continued through issue #503 in 1983, becoming one of the longest-running comic book series.

His third and final title, Detective Comics, advertised with a cover illustration dated December 1936, eventually premiering three months late with a March 1937 cover date. The themed anthology series would become a sensation with the introduction of Batman in issue #27 (May 1939). By then, however, Wheeler-Nicholson had gone. In 1937, in debt to printing-plant owner and magazine distributor Harry Donenfeld — who was as well a pulp-magazine publisher and a principal in the magazine distributorship Independent News — Wheeler-Nicholson was compelled to take Donenfeld on as a partner in order to publish Detective #1. Detective Comics, Inc. was formed, with Wheeler-Nicholson and Jack S. Liebowitz, Donenfeld's accountant, listed as owners. Major Wheeler-Nicholson remained for a year, but cash-flow problems continued, and he was forced out. Shortly afterward, Detective Comics Inc. purchased the remains of National Allied, also known as Nicholson Publishing, at a bankruptcy auction.

Detective Comics Inc. shortly launched a fourth title, Action Comics, the premiere of which introduced Superman (a character with which Wheeler-Nicholson had no direct involvement; editor Vin Sullivan chose to run the feature after Sheldon Mayer rescued it from the slush pile). Action Comics #1 (June 1938), the first comic book to feature the new character archetype soon to be called superheroes, proved a major sales hit. The company quickly introduced such other popular characters as the Sandman and Batman.

2000's

In March 2003, DC acquired publishing and merchandising rights to the long-running fantasy series Elfquest, previously self-published by creators Wendy and Richard Pini under their WaRP Graphics publication banner. This series then followed the Tower Comics series T.H.U.N.D.E.R. Agents in becoming non-DC titles published in the "DC Archives" format. In 2004, DC temporarily acquired the North American publishing rights to graphic novels from European publishers 2000 AD and Humanoids. It also rebranded its younger-audience titles with the mascot Johnny DC, and established the CMX imprint to reprint translated manga. In 2006, CMX took over publication - from Dark Horse Comics - publication of the webcomic Megatokyo in print form. DC also took advantage of the demise of Kitchen Sink Press and acquired the rights to much of the work of the renowned creator, Will Eisner, such as his The Spirit series and his acclaimed graphic novels.

Starting in 2004, DC began laying groundwork for a full continuity-reshuffling sequel to Crisis on Infinite Earths, promising substantial changes to the DC Universe (and side-stepping the 1994 Zero Hour event which similarly tried to ret-con the history of the DCU). In 2005, the company published several limited series establishing increasingly escalated conflicts among DC's heroes, with events climaxing in the Infinite Crisis limited series. Immediately after this event, DC's ongoing series jumped forward a full year in their in-story continuity, as DC launched a weekly series, 52, to gradually fill in the missing time. Concurrently, DC lost the copyright to "Superboy" (while retaining the trademark) when the heirs of Jerry Seigel used a provision of the 1976 revision to the copyright law to regain ownership. Although DC appealed the ruling, it is widely believed that this was the reason for Conner Kent (also known as Superboy)'s death during the Infinite Crisis limited series.

In 2005, DC launched a new "All-Star" line (evoking the title of the 1940s publication), designed to feature some of the company's best-known characters in stories that eschewed the long and convoluted continuity of the DC Universe, produced by "all star" creative teams.. All-Star Batman & Robin the Boy Wonder launched in July 2005, with All-Star Superman beginning in November 2005. All-Star Wonder Woman and All Star Batgirl were announced in 2006, but neither have been released or scheduled as of the beginning of 2009.

In April 2008, the videogame company Midway released the eighth version of its Mortal Kombat fighting-game franchise, Mortal Kombat vs. DC Universe, which featured DC superheroes and supervillians as half of the playable characters. (Credit: Wikipedia)