Warner Bros. Discovery CEO David Zaslav recently explained why the company hasn’t made cracking down on HBO Max password sharing a priority thus far.

Shares of Warner Bros. Discovery spiked more than 33% Thursday on a report by the Wall Street Journal that Paramount Skydance is prepping a takeover bid of WBD in its entirety.

The Wall Street Journal reported Thursday that the Ellison-backed Paramount was preparing a largely cash bid for Warner Bros., which owns CNN, HBO and the fabled movie and TV studio.

The company might just be the target of a determined buyer in the entertainment business.

Speaking at a Morgan Stanley Conference, Vena said he has met with senior people in the administration, who called the deal a "win for the country". The merger faces intense scrutiny from the Surface Transportation Board, which received a notice of intent from the companies on July 30, 2025.

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"The fact that this is quality — and that’s true across our company, motion picture, TV production and streaming quality — we all think that gives us a chance to raise price,” Zaslav said at the conference.