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Warner Bros. Discovery, Inc. - Nasdaq: WBD

Communication Services · Broadcasting

$27.02

-0.13%

Vol: 8.8M

Research Digest

Friday, May 1, 2026

Neutral

WBD shareholders approve Paramount Skydance merger; deal awaits regulatory approval with Q3 2026 closing expected.

WBD shareholders voted to approve merger with Paramount Skydance, clearing the way for HBO, CNN, and other brands to join Paramount later this year. Shareholders rejected CEO David Zaslav's compensation package worth $550-886M. Merged entity will be 49.5% foreign-owned, with 38.5% held by Middle Eastern sovereign wealth funds (Saudi PIF 15.1%, UAE fund 12.8%, Qatar 10.6%). Awaits U.S. and international regulatory approvals, management optimistic for Q3 2026 completion. Zaslav's compensation more than tripled in 2025 to $165M.

Price 50d 200d

Previous Market Intelligence

13 days
Apr 30WBD shareholders approve Paramount merger at $31/share; deal expected to close Q3 2026.Neutral

Warner Bros. Discovery stockholders overwhelmingly approved the Paramount Skydance merger on April 28, providing $31.00 per share. The merged entity will be 49.5% foreign-owned with Middle Eastern funds holding ~38.5%. Paramount plans to combine HBO Max and Paramount+ into one streaming platform while operating film studios separately. The deal remains subject to regulatory approvals including European regulators and potential state legal challenges. WBD stock up 212% over past year but pulled back 6.9% in 2026. Consensus Hold rating.

Apr 16Warner Bros Discovery shareholders to vote on Paramount Skydance merger April 23Mixed

Warner Bros Discovery shareholders voting April 23 on Paramount Skydance's $110.9B all-cash acquisition ($31/share). Paramount secured $24B in sovereign wealth funding from Saudi Arabia, Qatar, UAE. Paramount plans CBS/TNT Sports merger post-acquisition. ISS recommended rejection of CEO's $886M golden parachute; Glass Lewis recommended deal approval. Industry opposition voiced by 1,000+ Hollywood figures. UK antitrust authority opened formal investigation. Short interest up 24.5% in March. Stock -1.1% weekly, -3.8% monthly, -5% YTD but +152.5% YoY.

Apr 15Shareholder vote on Paramount Skydance merger set for April 23 at $31/share, 147% premium.Mixed

Warner Bros. Discovery shareholders will vote on the merger with Paramount Skydance on April 23. WBD shareholders receive $31 per share in cash, representing 147% premium. Glass Lewis recommended shareholder approval on April 10. However, the deal faces opposition from over 1,000 Hollywood professionals and UK antitrust authority initiated formal investigation. Stock priced at $27.33.

Apr 14Warner Bros. Discovery shareholders to vote April 23 on Paramount Skydance merger at $31.00 per share cash.Positive

WBD will hold Special Shareholders Meeting on April 23 to vote on merger with Paramount Skydance. Shareholders receive $31.00 per share in cash (147% premium to unaffected price of $12.54). Paramount earned $24B in hedge fund financing. Glass Lewis recommended approval on April 10. UK CMA soliciting feedback on proposed acquisition. Deal expected to close Q3 2026.

Apr 13Warner Bros. Discovery sets shareholder meeting for April 23 to approve Paramount Skydance merger at $31/share cash consideration.Positive

WBD shareholders will vote on April 23 to approve the acquisition by Paramount Skydance, which values each share at $31 in cash—a 147% premium to the unaffected price of $12.54. Paramount has completed syndication of permanent financing with 18 lenders. The transaction is expected to close in Q3 2026. Glass Lewis recommended approval on April 10.

Apr 10WBD shareholder meeting set for April 23 to approve Paramount Skydance merger at $31/share; Middle East funds committed $24B.Positive

Warner Bros. Discovery will hold Special Meeting April 23, 2026 to vote on Paramount Skydance merger at $31.00 per share cash (147% premium). Paramount Skydance restructured debt financing with $24 billion committed from Saudi Arabia, Qatar, and Abu Dhabi funds. Deal valued at ~$110 billion expected to close end of Q3 2026. ISS recommends shareholder approval. Stock trading at $28.58, up 250.90% past year.

Apr 9Warner Bros Discovery shareholder vote scheduled April 23 on $31/share Paramount Skydance merger; $24B Middle East funding confirmed.Positive

Warner Bros. Discovery announced shareholder meeting on April 23, 2026 to vote on $111B enterprise value merger with Paramount Skydance. Shareholders will receive $31/share cash (147% premium vs $12.54 unaffected price). Paramount secured $24B from Saudi PIF (~$10B), Qatar Investment Authority, and Abu Dhabi L'Imad fund. Deal expected to close by Q3 2026 pending regulatory approvals. CEO David Zaslav could receive $800M+ payout. Paramount stock jumped 11%.

Apr 8Paramount Shareholder Vote Set for April 23 on Warner Bros Discovery DealNeutral

Warner Bros. Discovery announced a shareholder meeting on April 23, 2026 to vote on Paramount Skydance's $111 billion acquisition offer. Shareholders will receive $31.00 per share in cash, representing a 147% premium to the unaffected stock price. Middle East backers have committed $24 billion to support the deal.

Apr 7Netflix to acquire Warner Bros for $82.7B enterprise value while Paramount deal secures Gulf funding backstop from Larry EllisonNeutral

Netflix announced definitive agreement to acquire Warner Bros at $27.75 per share ($82.7B enterprise value) including studios, HBO Max/HBO. WBD Discovery set April 23 shareholder vote on competing Paramount Skydance merger with $24B confirmed equity commitments from three Gulf sovereign wealth funds plus Larry Ellison equity backstop. Separation of Streaming & Studios and Global Networks now expected in Q3 2026 before Netflix close. Stock declined 2.3% past month as investors digest competing deals. WBD reported Q4 EPS of -$0.10 versus $0.03 estimate. DCF analysis suggests $29.19 intrinsic value (7.2% discount to current).

Apr 6Warner Bros. Discovery shareholders to vote on Paramount Skydance merger April 23Neutral

WBD scheduled shareholder vote on Paramount Skydance merger for April 23, 2026 at 10 a.m. ET. Deal values WBD at $31/share cash (+147% vs unaffected price of $12.54), expected to close by Sept 30, 2026. Board unanimously recommends shareholder approval. Prior Netflix merger agreement terminated in late 2025 after Netflix declined to increase bid. Discovery Global scheduled inaugural 2026 Upfront May 13 at Theater at Madison Square Garden. Paramount plans CBS Sports/TNT Sports integration post-close (April 2 announcement). CEO Zaslav potential payout >$800M post-deal. Stock up $0.09 (+0.32%) at $28.58 with Q4 2025 EPS miss (-$0.10 vs $0.03 expected).

Apr 3Paramount Skydance merger shareholder vote scheduled for April 23 at $31 per share in cash, representing 147% premium.Positive

Warner Bros. Discovery announced a special shareholder meeting on April 23 to vote on the sale to Paramount Skydance for $31.00 per share in all-cash consideration, representing a 147% premium to the unaffected price of $12.54. The board unanimously recommends shareholder approval. CEO David Zaslav could receive over $800 million in severance. Stock closed at $28.58.

Apr 2Warner Bros. Discovery shareholders to vote April 23 on Paramount Skydance mergerMixed

Warner Bros. Discovery shareholders to vote April 23 on Paramount Skydance merger at $31/share; Netflix acquisition alternative valued at $27.75/share pending due diligence.

Apr 1Warner Bros. Discovery shareholder vote on $31/share Paramount Skydance merger scheduled for April 23, 2026.Positive

WBD shareholders will vote on a $31.00 per share all-cash transaction with Paramount Skydance on April 23, 2026, representing a 147% premium to unaffected price. The deal is expected to close in Q3 2026. The DOJ has sent subpoenas investigating the transaction.

Sector Peers

CompanyPriceDay1MFwd P/EBetaMkt Cap
WBDWARNER$27.02-0.13%-1.3%-1545.7x1.64$67.8B
FOXAFOX$63.43-0.09%+7.1%12.3x0.51$27.0B
FOXFOX$57.02+0.00%+6.6%11.5x0.51$24.3B
GOOGLALPHABET$385.59+0.21%+28.3%28.4x1.13$4.66T
GOOGALPHABET$382.99+0.27%+28.3%28.2x1.13$4.62T

Key Fundamentals

Market Cap$67.8B
P/E (TTM)93.3
Forward P/E-1545.7
Beta1.64
Div Yield
Prev Close$27.05

RSI (14-Day)

37Neutral
0305070100

52-Week Range

$8.06$27.02$30.00
From High-9.9%
From Low+235.2%

Moving Averages

50d SMA
$27.65-2.3%
200d SMA
$22.59+19.6%

Price between 50d and 200d. Testing 50d support.

Historical Returns

1W
-1.1%
1M
-0.3%
3M
-3.5%
6M
+28.4%
1Y
+210.5%
YTD
-5.2%

Volume

Today8.8M
20d Avg17.7M
Ratio0.50x