Finance
A history of Warner Bros Discovery as Paramount's bid gets Ellison's backing
Published by Global Banking & Finance Review®
Posted on June 9, 2025
4 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 9, 2025
4 min readLast updated: January 23, 2026
Larry Ellison backs Paramount's $40.4 billion bid for Warner Bros Discovery. The company has a storied history and may split into two entities by 2025.
Dec 22 (Reuters) - Oracle co-founder Larry Ellison has agreed to personally guarantee $40.4 billion of the equity financing for Paramount Skydance's bid to acquire Warner Bros Discovery.
The move marks the latest chapter in the race for assets that include Warner Bros' iconic film and TV studio and its vast library of movies and television shows.
Here is a timeline from the founding of Time Inc and Warner Bros to the company's latest breakup and potential sale.
Date Event
1922 Time Inc was founded by Henry Luce and
Briton Hadden to house Time magazine, a
weekly news publication that made world
affairs accessible to the average reader.
The first issue of Time magazine was
published in March 1923.
1923 Warner Bros was founded by brothers Harry,
Albert, Sam and Jack Warner as a film studio
in Hollywood. It revolutionized cinema with
the introduction of synchronized sound in
films.
1969 Kinney National Company, a conglomerate that
later transitioned into media, buys Warner
Bros-Seven Arts and later spins off its
non-media businesses.
1972 HBO is founded by Charles Dolan with backing
from Time. It was the first U.S.
subscription-based cable network, offering
uncut, commercial-free movies and live
sports, pioneering premium cable television.
1990 Time Inc merges with Warner Communications
in a $14 billion deal, hailed as a "marriage
of content and distribution," creating Time
Warner, then the largest media company in
the world.
1996 Time Warner merges with Turner Broadcasting,
gaining Cartoon Network, CNN, TNT and a vast
classic film library.
2000 Time Warner merges with AOL, forming AOL
Time Warner, the largest merger in history
at the time, aiming to merge traditional and
digital media.
2002 AOL Time Warner merger begins to unravel as
AOL's value collapses with the launch of an
SEC investigation, prompted by allegations
of accounting irregularities and inflated
revenue reports at AOL.
2003 CEO Steve Case resigns from AOL Time Warner.
2004 Time Warner sells Warner Music to a private
equity group led by Edgar Bronfman Jr. for
$2.6 billion.
2009 Time Warner fully spins off Time Warner
Cable, which had already been partially
separated in 2007, ending its role in cable
distribution.
2009 Time Warner spins off AOL.
2013 Time Warner spins off Time, its magazine
division, which includes Time, People,
Fortune and Sports Illustrated, marking its
formal exit from publishing.
2016 AT&T announces acquisition of Time
Warner for $85 billion.
2018 AT&T completes its acquisition of Time
Warner after regulator's approval, renaming
it WarnerMedia.
2021 AT&T announces it would spin off WarnerMedia
and merge it with Discovery Inc to create a
new standalone media company.
2022 WarnerMedia and Discovery complete their
merger in a $43 billion deal.
June 2025 Warner Bros Discovery announces it would
separate into two companies — one focusing
on streaming and studios businesses, while
the second will house its cable TV assets.
October Warner Bros Discovery's board rejects a
2025 Paramount Skydance offer of nearly $60
billion, or $24 per share, a source familiar
with the matter exclusively tells Reuters.
The company says it is weighing a potential
sale amid interest from several suitors.
November Axios reports that Warner Bros Discovery's
2025 board wants Paramount Skydance to sweeten
its bid to $30 per share, valuing the
company at $74.34 billion.
November Warner Bros Discovery receives preliminary
2025 buyout bids from Paramount Skydance, Comcast
and Netflix — who were asked to improve
their offers.
December Warner Bros Discovery receives a second
2025 round of bids, including a mostly cash offer
from Netflix.
December Paramount Skydance accuses Warner Bros
2025 Discovery of running an unfair sale process
that favors Netflix over other bidders, CNBC
reports, citing a letter sent by the newly
merged media company.
December Netflix is in exclusive talks to
2025 buy Warner Bros Discovery's film and
television studios along with its streaming
assets after offering $28 per share.
December Netflix agrees to buy Warner Bros
2025 Discovery's film and TV studios and
streaming division for $72 billion, or
$27.75 per share.
December Paramount Skydance makes a hostile bid for
2025 Warner Bros Discovery in a deal valued at
$108.4 billion or $30 per share.
December Warner Bros Discovery's board rejects
2025 Paramount Skydance's hostile $108.4 billion
bid, saying it failed to provide adequate
financing assurances.
Paramount Skydance
December amends its offer
2025 to buy Warner Bros Discovery to
include a $40.4 billion personal guarantee
from Larry Ellison.
(Reporting by Kritika Lamba, Meghana Khare, Anhata Rooprai, and Arnav Mishra in Bengaluru; Editing by Leroy Leo and Arun Koyyur)
Larry Ellison has agreed to personally guarantee $40.4 billion of the equity financing for Paramount Skydance's bid to acquire Warner Bros Discovery.
The assets include Warner Bros' iconic film and TV studio along with its vast library of movies and television shows.
WarnerMedia and Discovery completed their merger in 2022 in a deal valued at $43 billion.
Paramount Skydance made a hostile bid for Warner Bros Discovery valued at $108.4 billion or $30 per share.
Paramount Skydance accused Warner Bros Discovery of running an unfair sale process that favored Netflix over other bidders.
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