Business Case Studies & Business Publications

The High-Stakes Fight for Warner Bros. D...

Allayannis, George...

Case

The High-Stakes Fight for Warner Bros. Discovery

Allayannis, George (Yiorgos); Kapoor, Rohan

F-2147 | Published July 29, 2026 | 29 Pages Case

Collection: Darden School of Business

Product Details

In February 2026, Warner Bros. Discovery, Inc. (WBD), announced it was holding a special meeting of shareholders in March 2026, to vote on a merger with Netflix, Inc (Netflix). The WBD board of directors was in favor of the merger and had rejected the latest offer from Paramount Skydance Corporation (PSKY). But PSKY made it known that the $31 offer was not its best and final offer. In fact, Netflix agreed to let WBD and PSKY to continue to talk for a seven-day period. The case study provides background on the three companies and takes students through events from June 2025 through early 2026, leading to the battle for control of WBD—one of Hollywood’s legendary and greatest content providers. Students are asked to consider the offers and what the best outcome would be for the shareholders of WBD.

• To evaluate competing M&A offers from a shareholder perspective • To understand the evolution of the media and entertainment industry and compare streaming-first and legacy-media business models • To apply valuation frameworks in complex, multisegment businesses • To analyze deal structure and financing considerations • To incorporate regulatory and political risk into M&A decision-making