Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Authors: Warren Buffett and Charlie Munger Charlie and I have spent a long evening reading the 10-Q for the quarter ended March 31, 2026, the PSKY Merger Agreement, the bridge loan amendment, and the trail of termination fees that now snake through this company's footnotes. What we see is not so much an operating company anymore as a corporate event — a debt-laden conglomerate of declining linear television networks, a creative studio with episodic hits, and a streaming platform that has finally reached a kind of stability, all wrapped inside a definitive cash-merger agreement with Paramount Skydance Corporation at $31.00 per share, approved by WBD shareholders on April 23, 2026 and personally guaranteed (in part) by Larry Ellison and an affiliated trust.
Recent filings analysed: 8-K (2026-08-06), 8-K (2026-06-12), 8-K (2026-06-04), 8-K (2026-05-27).
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