Mario Gabelli Eyes Tender Offer Amid Warner Bros. Takeover Battle

**Warner Bros. Discovery** is a leading American media and entertainment conglomerate formed on April 8, 2022, through the merger of WarnerMedia and Discovery, Inc. The company is headquartered in New York City and Los Angeles, with a diverse portfolio of assets including film and television studios, streaming services, and cable networks such as HBO, CNN, Warner Bros. Pictures, and the Discovery Channel[1][3]. **History**: The roots of Warner Bros. Discovery trace back to 1903 when the Warner brothers began their journey in the film business as traveling exhibitors. Warner Bros. was officially incorporated on April 4, 1923[4][6]. Over the years, the company evolved through various mergers and acquisitions, becoming a major player in the entertainment industry. In 1990, Warner Communications merged with Time Inc. to form Time Warner, which later became WarnerMedia after AT&T's acquisition in 2018[3]. **Key Achievements**: Warner Bros. Discovery has achieved significant milestones, including the production of iconic films and television shows. The company has been at the forefront of innovation, with early adoption of sound technology and later expanding into digital platforms like streaming services. Notably, Warner Bros. is celebrating its centennial in 2023, marking 100 years of storytelling[2][6]. **Current Status**: As of 2023, Warner Bros. Discovery is led by CEO David Zaslav and operates under the ticker symbol WBD. The company has a market cap of approximately $50.33 billion and annual revenues of $38.44 billion[3]. Recent developments include plans to separate into two distinct media companies, aiming to enhance operational efficiency and strategic focus[8]. **Notable Aspects**: Warner Bros. Discovery is known for its rich legacy in film and television, with brands like DC Comics and HBO. The company continues to innovate through its streaming platforms and content creation, making it a significant player in the

Paramount Skydance is a leading global media and entertainment company formed through the merger of Skydance Media and Paramount Global in August 2025. This merger created a next-generation standalone entity that combines Paramount’s vast creative library and global distribution network with Skydance’s production expertise and advanced technological capabilities[2][4]. Founded in 2010 by David Ellison, Skydance Media began as a diversified entertainment company focused on creating high-quality, multi-platform content for a worldwide audience. Skydance quickly became known for blockbuster films such as *True Grit* (2010), which garnered 10 Academy Award nominations, and *Mission: Impossible – Ghost Protocol* (2011), notable for its high-stakes action sequences and box office success[1]. Skydance expanded beyond live-action films into television, animation, interactive media, and new media, employing over 500 colleagues across two continents[1]. Paramount Skydance now operates through four main business segments, including film and television production studios, leveraging the strengths of both legacy companies. The merger was strategically designed to revitalize and position the combined company for long-term success amid a rapidly evolving entertainment landscape. Supported by the Ellison family and RedBird Capital, the company emphasizes forward-thinking content creation, storytelling innovation, and tech-enabled business strategies[2][4][3]. Paramount Skydance is publicly traded on NASDAQ under the ticker "PSKY," signaling its commitment to shareholders and market growth[2][4]. The company stands out for its sophisticated financial structuring, blending creative excellence with strategic investments to maintain competitive advantage[6]. It embraces inclusivity, agility, and collaboration, aiming to capture diverse audience interests worldwide through streaming, advertising, live events, and consumer products[5]. Overall, Paramount Skydance represents a powerful fusion of storied entertainment heritage and cutting-edge media technology, poised to influence the future of global content production and distribution.

Netflix, Inc., founded in 1997 by Reed Hastings and Marc Randolph in Los Gatos, California, is a global media and entertainment company primarily known for its streaming service that offers movies, TV series, and games to over 300 million paid subscribers across more than 190 countries[1][2]. Initially disrupting the traditional video rental market dominated by Blockbuster, Netflix evolved from DVD rentals to pioneering the streaming model in 2007, fundamentally changing how audiences consume entertainment[1]. Netflix’s transition into original content production beginning in 2013 marked a significant milestone, with acclaimed series and films that garnered numerous awards, establishing it not only as a distributor but also a creator of high-quality content[1]. This strategic pivot helped Netflix compete against traditional broadcasters and emerging streaming platforms. By 2023, Netflix expanded into live programming, further broadening its content offerings and competitive scope[1]. Financially, Netflix is a powerhouse with a market capitalization of approximately $464 billion as of late 2025, annual revenues exceeding $43 billion, and a strong earnings per share figure of $23.97 from the previous year, showcasing robust profitability and investor confidence[1]. Under the leadership of CEO Theodore A. Sarandos, Netflix continues to innovate in entertainment technology, providing flexible viewing experiences where users can play, pause, and resume content anytime, anywhere[1][2]. Notable aspects of Netflix include its disruption of traditional media, its investment in diverse global content, and its adaptation to technological shifts in media consumption. Its impact extends beyond entertainment to influence digital distribution, consumer behavior, and the economics of content creation and delivery in the 21st century[1][2]. Netflix remains a benchmark in streaming services and a key player in the evolving landscape of global entertainment.

Comcast is a leading global media and technology company, recognized as the largest home Internet service provider and one of the top cable and pay-TV operators in the United States. It delivers high-quality connectivity, media content, and platforms to hundreds of millions of customers, viewers, and guests worldwide[1][3]. Founded in 1963, Comcast significantly expanded its footprint in 2001 by acquiring AT&T Broadband for $44.5 billion, becoming the largest U.S. cable television company with over 22 million subscribers. This acquisition also led to the creation of Comcast Advertising Sales (now effectv), enhancing its advertising capabilities. Comcast further diversified its offerings by investing in The Golf Channel in 2003 and taking over direct consumer internet services in 2002 after Excite@Home's bankruptcy[1]. In 2004, Comcast made headlines with a bold but ultimately unsuccessful $54 billion bid to acquire Disney, which would have created the largest media conglomerate globally. Despite this, Comcast continued to grow through strategic investments and divestitures, such as selling its QVC shares for $7.9 billion[1]. Comcast is also known for its philanthropic efforts, notably through Project UP, a $1 billion initiative launched to expand internet access, promote economic mobility, and foster innovation for a future of unlimited possibilities. This program is part of Comcast's broader commitment to social impact, supported by the Comcast Foundation and its subsidiaries[2]. Today, Comcast remains a dominant force in business and technology sectors by combining robust infrastructure, innovative media content, and a focus on social responsibility. Its ongoing efforts to enhance connectivity and digital inclusion position it as a key player shaping the future of media and technology worldwide[3].