Why Warner Bros Discovery Stock Blasted Higher Today

An apparent takeover attempt being concocted by a peer was the main factor behind Warner Bros Discovery (NASDAQ: WBD) stock's precipitous rise on Thursday. On a media report that the storied entertainment company is in play, investors piled into the stock in anticipation of a generous buyout offer. Warner soared almost 29% higher in price that trading session.That afternoon, The Wall Street Journal published a story stating that Paramount Skydance is making preparations to submit a majority cash bid for Warner. This effort is apparently backed by the family of Paramount Skydance CEO David Ellison, which includes Oracle co-founder and executive chairman Larry Ellison and film producer Megan Ellison. It wasn't immediately clear which family members might be involved in the bid. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool