What to know about the landmark Warner Bros. Discovery sale

The streaming and entertainment industry just witnessed one of its most high-stakes megadeals ever, stunning industry observers. Not only is it historic in its size, but it is also predicted to disrupt Hollywood and the media business as we know it. After years of Warner Bros. Discovery struggling under the weight of billions of dollars in debt, compounded by declining cable viewership and fierce competition from streaming platforms, the company has been considering major strategic changes, including selling its entertainment assets to one of its rivals. Several major players saw the potential in acquiring the media giant and in December, Netflix announced it would acquire WBD’s studios and streaming for $82.7 billion. But in a surprise eleventh-hour move this month, it now looks like the David Ellison-run Paramount will actually be the winner of this bidding war, offering $111 billion to acquire all of Warner Bros. Discovery’s assets, including its studios, HBO, streaming platforms, games, and TV networks such as CNN and HGTV. Paramount was itself recently acquired by Ellison with significant support from his father, the Oracle chairman, world’s sixth-richest person, and major Trump donor Larry Ellison. Paramount’s offer still awaits formal approval from WBD’s board of directors, and any potential agreement may also face pressure from regulators. Let’s break down exactly what is happening, what’s at stake, and what could come next. What has happened so far? ​This all started back in October when Warner Bros. Discovery revealed it was exploring a potential sale after receiving unsolicited interest from several major players in the industry. Techcrunch event Save up to $300 or 30% to TechCrunch Founder Summit 1,000+ founders and investors come together at TechCrunch Founder Summit 2026 for a full day focused on growth, execution, and real-world scaling. Learn from founders and investors who have shaped the industry. Connect with peers navigating similar growth stages...