December 24, 2025 — Warner Bros. Discovery, Inc. is trading in takeover territory on Christmas Eve, with the stock hovering around $29 and repeatedly pulled toward the headline $30-per-share hostile bid from Paramount Skydance. As of the latest available pricing, WBD shares were near $29.14, effectively pricing in a live merger-arbitrage chess match: the market is treating the Paramount offer as a real anchor, while also respecting the signed Netflix agreement and the regulatory, timing, and litigation risks still hanging over both paths.