Shares of Warner Bros. Discovery extended their gains over 13% on Friday following news that Paramount is preparing a majority cash bid to acquire the entire company. The stock, which touched a new 52-week high of $18.78 per share on Friday, is up 71.4% year to date and 138.6% in the past year.
The deal, which would be backed by the deep pockets of the Ellison family, would be transformative for the media landscape, combining two major Hollywood studios and streaming platforms, as well as many iconic brands including HBO, Discovery, DC Studios, Comedy Central, MTV, Nickelodeon, BET Media Group and more under one roof.
It comes as the David Zaslav-led media giant…
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