Why is Warner Bros. Explore's stock soaring today?

On September 12, 2025, Warner Bros. Discovery (WBD) shares soared more than 30%, after reports that Paramount Tianwu was preparing to acquire the media giant with most of the cash. The acquisition will cover all WBD's businesses, including HBO and CNN, and may reshape the streaming landscape by integrating HBO Max and Paramount+'s user base. WBD's stock price once reached US$17.75, with a trading volume of more than 40 million shares, reflecting investors' optimism about the transaction's potential to release the value of WBD's restructuring assets.