Warner Bros (WBD) Climbs 55.8% on Paramount Skydance (PSKY) Bid Report

We recently published 10 Stocks That Made Millionaires in Just a Week. Warner Bros. Discovery, Inc. (NASDAQ:WBD) is one of the best performers in last week’s trading.

Warner Bros surged by 55.82 percent week-on-week as investors snapped up shares following reports that it was being targeted for acquisition by Paramount Skydance Corp.

According to a report by the Wall Street Journal, citing people privy to the matter, Paramount was preparing a majority cash bid to acquire Warner Bros. Discovery, Inc. (NASDAQ:WBD), including its cable networks and movie studio.

WSJ said a bid has yet to be submitted, and that plans could still fall apart.

If successful, the acquisition will likely require an antitrust investigation given the potential size and expected merger with a number of assets owned by Warner Bros. Discovery, Inc. (NASDAQ:WBD), such as HBO Max, Barbie, and the Harry Potter franchise, with Paramount’s film studio, CBS News, and Paramount+.

The report followed the completion of Paramount and Skydance’s $8.4 billion merger, ending RedBird’s 38-year control of the former.

In relation to the transaction, Paramount Skydance Corp. (NASDAQ:PSKY) also saw leadership changes in the acquired company, with its president and CEO, Tom Ryan, stepping down from his post, having been replaced by David Ellison, the son of billionaire Larry Ellison.

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Disclosure: None. This article is originally published at Insider Monkey.