We recently published 10 Stocks Investors Are Gobbling Up. Warner Bros. Discovery, Inc. (NASDAQ:WBD) is one of the best performers on Thursday.
Warner Bros surged to a new all-time high on Thursday as investors positioned portfolios following reports that it was the next target of Paramount Skydance Corp. (NASDAQ:PSKY) for acquisition.
At intra-day trade, the stock surged to its highest price of $17.24 before trimming gains to end the day just up by 28.95 percent at $16.17 apiece.
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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 plans could still fall apart.
If successful, the acquisition plan would likely require an antitrust investigation given the potential size and merger with a number of Warner Bros. Discovery, Inc. (NASDAQ:WBD) assets, such as HBO Max, Barbie, and the Harry Potter franchise, with Paramount’s film studio, CBS News, and Paramount+.
The acquisition plan 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 merger, Paramount Skydance Corp. (NASDAQ:PSKY) President and CEO Tom Ryan stepped down from his post, replaced by its new CEO, David Ellison.
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Disclosure: None. This article is originally published at Insider Monkey.
