Paramount Skydance has launched a hostile all-cash offer of $30 per share for Warner Bros. Discovery, valuing the company at $108.4 billion and directly challenging Netflix’s acquisition agreement announced earlier in December.
The move comes just days after Netflix agreed to buy a large portion of Warner Bros. Discovery’s studio and streaming assets for $27.75 per share. Netflix’s bid excludes major cable networks such as CNN and TNT, focusing instead on Warner Bros. studios and streaming operations, including HBO Max.
Paramount’s counteroffer seeks to acquire the entire company, including its legacy networks and global cable assets. The company argues its proposal delivers $18 billion more in cash to shareholders than Netflix’s deal and claims the offer is simpler, fully funded, and more likely to clear regulatory review. Paramount also criticized Netflix’s cash-and-stock structure as uncertain and complicated by regulatory and financing risks.
Warner Bros. Discovery’s board has already approved the agreement with Netflix. However, Paramount’s decision to bypass executives and appeal directly to shareholders — a classic hostile bid — pushes the negotiations into the public arena and significantly raises the stakes.
Paramount says its offer is fully backed by the Ellison family’s fortune and supported by $54 billion in committed financing from Bank of America, Citi, and private equity firm Apollo Global. The total proposed deal value exceeds $108 billion.
With both companies vying for one of Hollywood’s most valuable content libraries, the escalating bidding war could reshape the global entertainment and streaming landscape, depending on regulatory hurdles and shareholder decisions.
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