A PYMNTS Company

Paramount Skydance Explores Possible Bid for Warner Bros. Discovery

By  |  October 8, 2025

Paramount Skydance Corp. has reportedly initiated discussions with Legendary Entertainment and Apollo Global Management about a potential acquisition of Warner Bros. Discovery Inc., according to Bloomberg. The talks, which remain preliminary, involve strategic considerations tied to Legendary’s financial interests in several major Warner Bros. film franchises.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Per Bloomberg, the discussions touch on Legendary’s existing investments in blockbuster series such as Dune, Godzilla, and the upcoming Minecraft movie. People familiar with the matter, who requested anonymity due to the confidential nature of the talks, indicated that Apollo could also play a role as a potential investor in any resulting transaction.

    Legendary Entertainment, a prominent independent film and television production company, is majority-owned by Apollo. Paramount recently entered into a multiyear agreement to distribute select Legendary films theatrically, a move that has deepened ties between the companies.

    Read more: Former DOJ Antitrust Chief Joins Paramount Amid Scrutiny of Skydance Merger

    According to Bloomberg, Paramount Skydance—parent company of CBS, MTV, and Paramount Pictures—was itself acquired earlier this year through a merger between Paramount Global and David Ellison’s Skydance Media. Ellison, who now serves as CEO, is said to view Warner Bros. Discovery as a compelling acquisition target, particularly before the latter finalizes plans to spin off its cable television assets into a separate entity next year.

    The New York Post also reported earlier that discussions between Paramount and Apollo had taken place, suggesting that formal negotiations could develop as the entertainment landscape continues to consolidate.

    If successful, a Paramount-led bid for Warner Bros. Discovery could mark one of the most significant shake-ups in the Hollywood studio system in years, potentially reshaping the balance of power among major media conglomerates.

    Source: Bloomberg