Warner Bros. Discovery’s Q2 2026 Results and the $111 Billion Paramount Skydance Takeover Bid

The company posted total revenue of $8.717 billion for the June quarter, with net income of $100 million. Streaming revenue grew 9 percent to $3.1 billion, while theatrical revenue fell 46 percent from the comparable quarter a year earlier, reflecting the poor box-office performance of *Supergirl* and *The Bride*. Advertising revenue declined 22 percent as Turner’s sports programming lost NBA content. Wall Street analysts projected quarterly revenue of $9.21 billion, indicating a shortfall relative to expectations. Highlights from the quarter’s TV and streaming slate included *Euphoria*, *House of the Dragon*, *The Pitt*, and the final season of *Hacks*.

Hollywood Reporter

David Ellison’s Paramount Skydance has offered $111 billion to acquire Warner Bros. Discovery, superseding an earlier Netflix interest. The bid includes a “ticking fee” of $7 million per day that would be payable to WBD shareholders if the transaction closes, with payments slated to begin in early October 2026. Ellison argues that opposition to the deal is politically motivated, pointing to concerns about his potential influence over CNN’s editorial direction. In a recent New York Times op-ed, he emphasized his bipartisan voting record and stated that he does not intend to steer newsrooms toward any partisan agenda.

Hollywood Reporter

A coalition of roughly a dozen U.S. states has filed to block the acquisition, citing antitrust and media-concentration worries. The dispute is set to proceed to trial in March 2027. Critics contend that Ellison’s existing control of CBS News, reshaped after the Skydance-Paramount merger, could give him undue sway over multiple major news outlets if the deal succeeds.

Hollywood Reporter

If completed, the merger would combine Warner Bros. Discovery’s extensive entertainment library and streaming platforms with Paramount Skydance’s production capabilities and Ellison’s news assets. Proponents suggest the scale could enhance content creation and distribution efficiencies, while opponents warn that consolidated ownership of CNN, CBS News and other outlets could diminish editorial independence and reduce competition in both news and entertainment markets. The outcome of the March 2027 trial will determine whether the proposed consolidation proceeds or is halted by state regulators.

Hollywood Reporter