David Ellison accomplished in 2025 what Warner Bros. Discovery CEO David Zaslav had been striving for since the company's formation: a significant increase in its market value. Shares of Warner Bros. Discovery soared to record highs, experiencing a remarkable surge of over 170% throughout the year.

As of December 30, 2025, WBD's market capitalization reached $71.8 billion, a substantial increase from approximately $25 billion at the beginning of the year. This dramatic rise was fueled by a heated bidding war between Netflix and Paramount, both vying for control of the media conglomerate.

The intense competition for WBD underscored the evolving landscape of the streaming industry, where content ownership and distribution rights are paramount. The bidding war significantly impacted the market, driving up WBD's stock price and highlighting the strategic importance of its extensive content library.

Warner Bros. Discovery was formed in April 2022 through the merger of Discovery and Warner Bros. Under Zaslav's leadership, the company focused on streamlining operations and reducing debt. However, it was Ellison's intervention that ultimately unlocked the company's potential, attracting the attention of industry giants like Netflix and Paramount.

Looking ahead, the outcome of the bidding war will reshape the media landscape. Whether WBD becomes part of Netflix, Paramount, or remains independent, its future trajectory will depend on its ability to leverage its content assets and navigate the increasingly competitive streaming environment.