Paramount and Warner Bros. Discovery studios may have another blockbuster Friday as the stocks of both studios are climbing on the heels of news that Paramount is making a cash offer to buy Warner Bros.
The acquisition would be another huge Hollywood studio shakeup and would include Paramount acquiring the movie studio and TV assets including HBO, CNN, TNT and other networks.
The Wall Street Journal, on Thursday, first reported that Paramount is planning a bid for the entirety of Warner Bros. Discovery, which is in the process of spinning its TV assets into a separate company from the movie studio.
Paramount was formally acquired last month by media mogul Larry Ellison — who this week overtook Elon Musk as the world’s richest man — and RedBird Capital Partners. Ellison’s son David serves as Paramount’s chairman and CEO.
It was unclear how much money Paramount might bid for Warner Bros. Discovery. There has been no public comment by either company about a possible merger.
News of the possible deal apparently excited investors as both studios stocks went up.
–City News Service
