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No EOL
1.4 KiB
Markdown
# Warner Bros. Discovery
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**Type:** Media conglomerate
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**Status:** Acquisition target (PSKY, 2026)
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**Key Assets:** Warner Bros. studios, HBO, Discovery Global, DC Comics, Harry Potter franchise, Game of Thrones IP
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## Overview
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Warner Bros. Discovery is a major media conglomerate formed from the merger of WarnerMedia and Discovery. The company controls one of the world's most concentrated IP libraries including DC Comics, Harry Potter, Game of Thrones, and HBO's premium content catalog.
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## Timeline
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- **2026-02-27** — Board approved Paramount Skydance's $110.9B acquisition offer ($31/share all-cash) as superior proposal to Netflix's $82.7B bid. Netflix declined to match and withdrew, triggering $2.8B termination fee payment to Netflix.
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- **2026-04-23** — Shareholder vote approved PSKY acquisition with unanimous board recommendation. Antitrust HSR waiting period expired Feb 19; FCC review ongoing due to foreign ownership (Saudi PIF stake in PSKY).
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## Strategic Context
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WBD became the subject of competing acquisition bids from Netflix ($82.7B) and Paramount Skydance ($110.9B) in early 2026, revealing institutional capital's valuation of concentrated IP libraries. The $28.2B premium PSKY paid over Netflix's bid reflects differential discount rates between sovereign wealth-backed capital (patient, long-horizon) and public market-constrained capital (quarterly earnings pressure). |