American entertainment company run by David Zaslav, formed from the merger of Warner Bros and Discovery in 2022. The streaming service, HBO Max (which was renamed to Max and then back to HBO Max), is dwarfed by Netflix. Warner has had just two profitable quarters since the 2022 deal closed, leaving its balance-sheet laden with debt.
In February 2026 Paramount Skydance grasped Warner Bros Discovery after months of wrangling. Donald Trump weighed in, as did Bryan Cranston, the "Breaking Bad" star. The takeover must still be approved by regulators around the world; Warner's share price was 12% below Paramount's cash offer of $31 per share. Shareholders were due to vote on April 23rd 2026. If approved, the deal would create an entertainment giant, enthrone David Ellison as the king of Hollywood and give sovereign-wealth funds from the Gulf an unprecedented stake in popular culture.
Zaslav stands to collect more than $800m from the transaction, including $34m in severance pay, more than $500m from stock awards and options, and employer-paid taxes—perhaps the largest golden parachute in corporate history.
You work very hard. Don't try to think as well.