Paramount and Skydance reportedly preparing a bid to acquire Warner Bros. Discovery

Batman and WB Games

Paramount and Skydance are reportedly preparing a bid to acquire Warner Bros. Discovery, a move that could have major implications for both the film and gaming industries.

The news comes from The Wall Street Journal (via Windows Central), which cites sources claiming the Ellison-backed company is planning a “majority cash” offer, though no price has been disclosed.

Recent Mergers Set the Stage

This development follows Paramount’s recently completed merger with Skydance, led by CEO David Ellison. For context, David is the son of Oracle founder Larry Ellison, who, as of now, holds the title of the world’s richest person with an estimated net worth of $393 billion, surpassing Elon Musk. The Ellison family’s involvement adds significant financial weight to the deal.

It’s worth noting that the family’s media influence doesn’t stop there. Megan Ellison, David’s sister, founded Annapurna Pictures, the parent company of Annapurna Interactive, a well-regarded publisher behind indie hits like Stray and Outer Wilds. If this acquisition goes through, it would unite two of Hollywood’s biggest studios while also creating a notable crossover into gaming.

WB Games Faces Uncertain Future

The reported deal includes all of Warner Bros. Discovery, which means WB Games would also be part of the acquisition. WB Games owns several major studios, including Avalanche and Rocksteady, alongside iconic franchises like Mortal Kombat and Batman: Arkham.

The deal comes at a time when WB Games has already faced a challenging year. Earlier in 2025, leadership closed three studios, including Monolith Productions, which had been developing a Wonder Woman game. Monolith gained recognition for its work on Middle-earth: Shadow of Mordor and Shadow of War, both of which introduced the groundbreaking Nemesis system that allowed enemies to remember and evolve based on player actions.

Other closures included Player First Games, the team behind Multiversus, and Warner Bros. San Diego, a support studio. Reports also surfaced that WB canceled an unannounced Hogwarts Legacy expansion.

Upcoming Games Still on Track

Despite setbacks, WB still has projects in the pipeline. TT Games recently announced LEGO Batman: Legacy of the Dark Knight at Gamescom 2025’s Opening Night Live, with a planned release across Xbox Series X|S, PlayStation 5, PC, and Nintendo Switch 2 in 2026.

Meanwhile, Avalanche is working on a full sequel to Hogwarts Legacy, and Rocksteady is reportedly developing a new Batman title. Both are expected to be long-term projects, unlikely to launch anytime soon.

Paramount’s Growing Gaming Ambitions

If the deal closes, Paramount would be inheriting a substantial gaming portfolio. But the company isn’t starting from scratch—thanks to Skydance, it already has a foothold in the industry. Back in 2021, Skydance launched Skydance New Media, led by Uncharted creator Amy Hennig.

The studio is currently developing Marvel 1943: Rise of Hydra, a World War II-set adventure starring Captain America and Black Panther, now scheduled for 2026. A separate Star Wars project is also in development, though details remain under wraps.

Beyond in-house projects, Paramount has dipped into game-related media adaptations. The Sonic the Hedgehog films and the Halo TV series both came from the studio, with more projects on the way, including a Call of Duty movie in collaboration with Xbox and Activision.

What This Could Mean for Gaming

If Paramount and Skydance succeed in acquiring Warner Bros. Discovery, the move could reshape not only Hollywood but also the gaming landscape. WB Games’ rich portfolio—paired with Skydance’s fresh ambitions—might lead to new crossovers, expansions, and long-term franchise investments.