Paramount and Warner Bros. Discovery are two major Hollywood-based media and entertainment companies that are currently linked by active merger and acquisition discussions and bids, not by being part of the same corporate group.
What Paramount is
Paramount today generally refers to the combined company created when Skydance acquired Paramount Global, an owner of the Paramount film studio, CBS, Nickelodeon, MTV, BET, and the streaming service Paramount+. This entity, often called Paramount Skydance, is backed by David Ellison and Larry Ellison and controls a large library of film and TV franchises such as “Top Gun,” “Star Trek,” and other Paramount classics.
What Warner Bros. Discovery is
Warner Bros. Discovery (WBD) is the media group formed by the 2022 merger of WarnerMedia and Discovery, combining assets like HBO, HBO Max, CNN, TNT, and the Warner Bros. film studio. The company controls major franchises such as “Harry Potter,” DC Comics characters (like Superman), and “The Lord of the Rings,” as well as a broad portfolio of cable networks.
Current relationship between them
Paramount Skydance has been preparing and pursuing a bid to acquire Warner Bros. Discovery, which would combine the two studios and their networks into one very large media conglomerate if successful. Reports describe this as a potential industry‑reshaping deal, but it faces significant financial, regulatory, and shareholder hurdles, and as of the latest reports no completed acquisition has been announced.
Recent developments
Coverage in September and October 2025 describes Paramount Skydance lining up financing and partners to support a possible full takeover of Warner Bros. Discovery. Separate reporting notes that Warner Bros. Discovery has run a sale process and that Paramount has raised questions about whether that process is fair to WBD shareholders, signaling active but contested M&A maneuvering rather than a finalized transaction.
Quick comparison
Aspect| Paramount / Paramount Skydance| Warner Bros. Discovery
---|---|---
Core assets| Paramount Pictures, CBS, Nickelodeon, MTV, BET, Paramount+ 34|
Warner Bros. studio, HBO/HBO Max, CNN, TNT, Discovery nets 34
Key franchises| “Top Gun,” “Star Trek,” various Paramount film classics 34|
“Harry Potter,” DC Comics, “The Lord of the Rings” 34
Current link| Potential acquirer of WBD via Ellison‑backed bid 36| Potential
target in ongoing sale/bid process 24
If you clarify what you want to know (history, ownership, franchises, or the status of the possible deal), more focused details can be provided.
