Bid war: Paramount ups ante with $108bn counter, overtakes Netflix for Warner Bros Discovery
The all-cash proposal — $30 per WBD share — was unveiled publicly after Paramount claimed that repeated private efforts to engage with WBD’s board had failed. The company says it submitted six proposals over 12 weeks, prompting its decision to take the offer straight to shareholders.
- Dec 8, 2025,
- Updated Dec 8, 2025 8:22 PM IST
In a dramatic escalation of Hollywood’s biggest takeover battle in years, Paramount Skydance has launched a $108.4 billion hostile bid for Warner Bros Discovery (WBD), positioning itself directly against Netflix’s offer for the storied studio and its streaming assets.
The all-cash proposal — $30 per WBD share — was unveiled publicly after Paramount claimed that repeated private efforts to engage with WBD’s board had failed. The company says it submitted six proposals over 12 weeks, prompting its decision to take the offer straight to shareholders.
Paramount argues that its offer delivers “superior value, and a more certain and quicker path to completion” than Netflix’s $83 billion bid, which WBD accepted last week but has since drawn significant criticism from investors.
David Ellison, Chairman and CEO of Paramount, said the time had come to put the decision directly in shareholders’ hands.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company… We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to cash-and-stock uncertainty, volatile future valuations of the cable business, and a challenging regulatory path.”
Ellison added that combining Paramount and WBD would bolster the entertainment ecosystem: “We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry.”
Why Paramount’s offer stands apart
A key distinction in the takeover fight lies in what’s actually being bought.
Paramount’s bid covers the entire WBD empire — including its cable networks, studios, and streaming operations.
Netflix’s bid targets only the studios and streaming business, excluding the Global Networks division.
WBD had previously announced plans to spin off its Streaming & Studios unit and Global Networks into two separately traded companies, a structure Netflix’s offer was crafted around. Paramount’s move disrupts that plan entirely.
Market reaction
The aggressive bid triggered an immediate market response. WBD shares jumped 7.4% in premarket trading, rising to roughly $28, edging above Netflix’s $27.75 per-share offer — and now closing in on Paramount’s $30 proposal.
The takeover showdown now places heavy pressure on WBD’s board, which must weigh shareholder sentiment, regulatory complexity, and competing visions for the company’s future.
In a dramatic escalation of Hollywood’s biggest takeover battle in years, Paramount Skydance has launched a $108.4 billion hostile bid for Warner Bros Discovery (WBD), positioning itself directly against Netflix’s offer for the storied studio and its streaming assets.
The all-cash proposal — $30 per WBD share — was unveiled publicly after Paramount claimed that repeated private efforts to engage with WBD’s board had failed. The company says it submitted six proposals over 12 weeks, prompting its decision to take the offer straight to shareholders.
Paramount argues that its offer delivers “superior value, and a more certain and quicker path to completion” than Netflix’s $83 billion bid, which WBD accepted last week but has since drawn significant criticism from investors.
David Ellison, Chairman and CEO of Paramount, said the time had come to put the decision directly in shareholders’ hands.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company… We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to cash-and-stock uncertainty, volatile future valuations of the cable business, and a challenging regulatory path.”
Ellison added that combining Paramount and WBD would bolster the entertainment ecosystem: “We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry.”
Why Paramount’s offer stands apart
A key distinction in the takeover fight lies in what’s actually being bought.
Paramount’s bid covers the entire WBD empire — including its cable networks, studios, and streaming operations.
Netflix’s bid targets only the studios and streaming business, excluding the Global Networks division.
WBD had previously announced plans to spin off its Streaming & Studios unit and Global Networks into two separately traded companies, a structure Netflix’s offer was crafted around. Paramount’s move disrupts that plan entirely.
Market reaction
The aggressive bid triggered an immediate market response. WBD shares jumped 7.4% in premarket trading, rising to roughly $28, edging above Netflix’s $27.75 per-share offer — and now closing in on Paramount’s $30 proposal.
The takeover showdown now places heavy pressure on WBD’s board, which must weigh shareholder sentiment, regulatory complexity, and competing visions for the company’s future.