Paramount Launches $108 Billion Hostile Bid for Warner Bros. Discovery

Paramount Skydance on Monday made a $108.4 billion hostile takeover offer for all of Warner Bros. Discovery, three days after Netflix agreed to buy part of the company in a deal valued at $82.7 billion, CBS News reported. Paramount, which is the parent company of CBS News, is offering $30 per share in cash and is taking the offer directly to shareholders rather than to Warner’s board, which has already approved the Netflix agreement.

“Warner Bros. Discovery shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Paramount CEO David Ellison said in a statement, calling it a “more certain and quicker path to completion.” Unlike the Netflix deal, which covers Warner’s film and streaming assets, Paramount’s bid includes the cable networks, among them CNN, TBS, TNT and the Food Network, according to CBS News. The $108.4 billion figure includes Warner’s debt, which was more than $33 billion as of Sept. 30, CBS reported; the $30-a-share offer itself amounts to nearly $78 billion, CBS said, while Netflix’s bid is roughly $72 billion excluding Warner’s debt.

Paramount argues its path through regulators would be easier. “Paramount is highly confident in achieving expeditious regulatory clearance,” the company said, saying the offer “enhances competition and is pro-consumer.” Some Wall Street analysts have said Netflix, the largest streaming service, could face antitrust concerns from U.S. enforcers over a combination with HBO Max. Sen. Elizabeth Warren, a Massachusetts Democrat, said last week that the Netflix deal would create a media giant controlling close to half of the streaming market.

The financing carries political overtones. A federal filing shows the bid is backed by the Ellison family, whose patriarch, Larry Ellison of Oracle, is a supporter of President Donald Trump, and by RedBird Capital. Outside partners include Affinity Partners, the investment firm run by Trump’s son-in-law Jared Kushner, and Saudi Arabia’s Public Investment Fund, CBS reported; NBC News, citing a federal filing, said funds would also come from Qatar and the United Arab Emirates. CBS said those partners agreed to give up governance rights, including board seats. Trump has said he intends to be involved in any decision about whether the government approves a deal, according to both outlets. One analyst, Blair Levin of New Street Research, told clients that public intervention by Trump against the Netflix deal could backfire by letting Netflix argue the opposition was political rather than a matter of antitrust law.

Netflix co-CEO Ted Sarandos said the move was “entirely expected” and that Netflix was “super confident” the deal would close, NBC News reported. Greg Peters, the other co-CEO, called the deal pro-consumer and said, “We’re going to increase our content spend and deliver more.” Warner Bros. Discovery said its board “will carefully review and consider” the Paramount offer and would tell shareholders its view within 10 business days, while remaining committed to Netflix for now, according to NBC News.

The market reacted quickly. Warner shares rose 6.3 percent to $27.72 in early trading, Paramount rose 5.8 percent, and Netflix fell 4.9 percent, CBS News reported. Paramount’s tender offer is set to expire Jan. 8, 2026, unless extended. NBC News described the fight as part of a wider unease in Hollywood over studio consolidation, shrinking content budgets and the rise of generative artificial intelligence.