Paramount Global's stock surged 12% in early trading as CEO David Ellison intensifies efforts to gain control of Warner Bros. Discovery, with the outcome critical to his leadership and the company's strategic future. The battle for influence in the streaming-heavy media landscape has drawn investor attention.
- Paramount Global stock rose 12% on December 9, 2025.
- CEO David Ellison is leading a campaign to gain control of Warner Bros. Discovery (WBD).
- WBD’s market cap stands at $42 billion, with Paramount seeking to influence or acquire a stake.
- Paramount has secured support from major investors like BlackRock and Vanguard, representing 15% of WBD shares.
- Integration of content and platforms could yield $1.2 billion in annual revenue synergies.
- The next major vote is scheduled for early January 2026.
Paramount Global shares climbed 12% on December 9, 2025, following renewed momentum in CEO David Ellison’s campaign to secure greater influence over Warner Bros. Discovery (WBD). The rally reflects growing investor confidence in Ellison’s push to reshape the media landscape, particularly as WBD's streaming division continues to underperform despite recent cost-cutting measures. The company's strategic pivot hinges on whether Ellison can achieve a controlling stake or influence over WBD’s board, which would allow Paramount to drive content integration and platform synergies. The stakes are particularly high for Ellison, whose tenure has come under scrutiny due to inconsistent performance relative to peers like Disney and Netflix. With Paramount’s market cap now at approximately $58 billion, the potential acquisition of WBD—currently valued at around $42 billion—could expand its content library by over 300,000 hours and increase its direct-to-consumer subscriber base by more than 60 million. Analysts note that failure to secure a foothold in WBD could signal a loss of strategic credibility and potentially trigger leadership reassessment. Market participants are closely monitoring voting rights and proxy battles tied to WBD’s shareholder meetings. Paramount has already secured backing from a coalition of institutional investors, including BlackRock and Vanguard, collectively representing over 15% of WBD’s outstanding shares. These investors are betting on the potential for cost synergies and content bundling across Paramount’s Paramount+ and WBD’s Max platforms, which could boost revenue by an estimated $1.2 billion annually. The outcome will significantly affect not only the two companies but also the broader media and streaming sector. A successful consolidation could accelerate industry-wide M&A activity, while a failure could prompt further divestitures from legacy media giants. The next critical milestone is expected in early January, when WBD is scheduled to hold its annual shareholder meeting.