A consortium led by Jared Kushner and Apollo Global Management has unveiled a hostile $120 billion offer for Warner Bros. Discovery (WBD), marking one of the most aggressive media takeovers in recent history. The bid, which exceeds WBD’s current market cap, signals a major shift in the entertainment industry’s ownership landscape.
- Hostile bid for Warner Bros. Discovery valued at $120 billion
- Jared Kushner and Apollo Global Management leading the consortium
- Bid exceeds WBD’s current market cap by 22%
- Apollo already holds a 6.8% stake in WBD
- WBD reported a $3.2 billion loss in Q3 2025
- Regulatory scrutiny expected over antitrust and media concentration
A group of influential investors, including Jared Kushner and Apollo Global Management, has formally launched a hostile tender offer for Warner Bros. Discovery (WBD), valuing the company at $120 billion. The bid, which surpasses WBD’s current market capitalization of $98 billion, represents a 22% premium and is structured to be financed through a combination of equity and debt. The consortium includes undisclosed billionaire allies and is backed by a strong balance sheet, underscoring their commitment to a prolonged acquisition effort. The move comes amid growing investor scrutiny of WBD’s strategic direction and financial performance, including its recent $3.2 billion loss in Q3 2025 and declining subscriber numbers across its streaming platforms. The proposed acquisition would allow the consortium to restructure WBD’s portfolio, focus on high-margin content assets, and potentially spin off or sell underperforming divisions. Apollo, which already holds a 6.8% stake in WBD, is expected to play a central role in post-acquisition management. The bid has triggered immediate market volatility, with WBD shares surging 18% in early trading and rival media companies such as Disney (DIS) and Paramount Global (PARA) seeing modest gains. Analysts note that the aggressive offer could spark a bidding war, particularly if other private equity firms or tech giants consider counteroffers. The involvement of Kushner, a former senior advisor to President Trump and a key figure in real estate and investment circles, adds political and public relations complexity to the deal. Regulators are expected to scrutinize the transaction closely due to WBD’s extensive media holdings, including HBO, Turner Broadcasting, and the rights to major franchises like DC Comics and Harry Potter. The Federal Trade Commission and Department of Justice may assess potential antitrust implications, especially as the deal could significantly reduce competition in content creation and distribution.