Warner Bros. Discovery (WBD) shares experienced a dramatic surge in 2025, fueled by a high-stakes bidding war between Netflix and Paramount. The company's stock price soared over 170% throughout the year, reaching all-time highs.

As of December 30, 2025, WBD's market capitalization stood at $71.8 billion, a significant increase from approximately $25 billion at the beginning of the year. This substantial growth was largely attributed to David Ellison's strategic moves, which effectively boosted the company's market value, a feat that WBD CEO David Zaslav had struggled to achieve in the preceding three years.

The intense competition between Netflix and Paramount for WBD assets had a ripple effect across the media landscape, driving up valuations and highlighting the ongoing consolidation within the industry. Investors reacted positively to the prospect of a major player acquiring WBD, driving up demand for the stock.

Warner Bros. Discovery was formed in April 2022 through the merger of Discovery and Warner Bros. The initial years following the merger were marked by challenges as the company navigated integration and sought to streamline operations.

The future outlook for WBD remains uncertain, pending the outcome of the bidding war. However, the significant increase in its market capitalization positions the company favorably, regardless of whether it remains independent or is acquired by either Netflix or Paramount.