Highlights
- Paramount’s hostile bid hits $108 billion with an all-cash offer for Warner Bros Discovery, directly challenging Netflix.
- Paramount bid for Warner Bros' all WBD assets, including HBO, Max, cable networks, and the gaming division.
- Netflix’s $82.7B deal remains under antitrust review, while WBD is not changing its recommendation for now.
Paramount Skydance has made a $108.4 billion USD all-cash hostile bid to acquire Warner Bros Discovery (WBD), escalating the takeover battle that began after Netflix announced its $82.7B agreement last week. The Paramount bid, priced at $30 per share, is aimed directly at WBD shareholders after the company recommended Netflix’s offer.
Paramount bid for Warner Bros to acquire all Warner Bros Discovery assets, including its film and television studios, HBO, the Max streaming platform, cable properties, and its gaming division.
Netflix’s competing deal, valued at roughly $27.75 per share, excludes the cable networks, and remains subject to federal antitrust approval. The WBD board said Monday that it will review Paramount’s proposal but is not changing its recommendation in favor of Netflix and advised shareholders to take no action for now.
Paramount Hostile Bid for Warner Bros Discovery
Paramount said its all-cash structure offers shareholders $18B more in cash than Netflix’s proposal and provides greater certainty on deal completion. Financing is supported by the Ellison family and RedBird Capital, with additional backing from Affinity Partners and sovereign wealth funds tied to Saudi Arabia, Qatar, and Abu Dhabi.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Paramount CEO and chairman David Ellison said, adding, “our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion.”
If Warner Bros Discovery accepts Paramount’s offer, it would be required to pay Netflix a $2.8B breakup fee, while Netflix would owe $5.8B if its deal falls apart.
The bid also includes Warner Bros Discovery’s video game division, which operates studios such as Rocksteady, NetherRealm, TT Games, Avalanche Software, and WB Games Montréal. Neither Paramount nor Netflix has outlined plans for these assets.
Both offers are now facing growing political and regulatory pressure, as lawmakers warn of job losses and further industry consolidation. With two rival bids under review, the outcome is expected to reshape control over major film, television, streaming, and gaming franchises.
