On December 8, 2025, Paramount Skydance made public an all-cash tender offer to acquire all outstanding shares of Warner Bros Discovery at US $30 per share, valuing the entire company — including debt — at US $108.4 billion
This comes just days after Warner Bros had accepted a US $72-billion equity deal from Netflix for its studios and streaming assets.
Paramount’s offer includes all of Warner’s divisions — film studios, streaming, cable-network business, and global networks — whereas Netflix’s deal covered only the studios and streaming.
Why Paramount says its bid is superior — and why it went hostile
- All-cash, all-asset offer: Paramount argues that its US $30/share cash bid gives shareholders immediate, certain value — unlike Netflix’s mix of cash and stock.
- Broader scope: By including Warner’s cable and network properties (e.g. news, linear TV assets), Paramount claims its bid reflects the full value of Warner Bros, not just the studios.
- Direct appeal to shareholders: After repeated rejections of private offers, Paramount opted for a hostile takeover — bypassing the Warner board and going straight to shareholders to decide.
In a filing, Paramount said its aggressive strategy was driven by what it described as “lack of meaningful engagement” by Warner Bros leadership — a justification for going hostile.
What Warner Bros and Netflix say — and what’s next
As of now, Warner Bros Discovery’s board has acknowledged receipt of Paramount’s offer, but has not altered its endorsement of the Netflix deal. The board advised shareholders to “take no action at this time.”
The stage is now set for a high-stakes battle: shareholders must weigh two competing bids — Paramount’s all-cash full acquisition vs. Netflix’s partial-studio-and-streaming deal. The outcome could reshape the landscape of Hollywood and global streaming.
Why this takeover race matters — for media, streaming, and entertainment
- Scale and consolidation: If Paramount succeeds, the combined entity would control studios, streaming, cable networks and global distribution — a powerhouse capable of competing with top media giants.
- Implications for content distribution: The fate of beloved film franchises, streaming libraries, and network content (cable + streaming) hinges on who acquires Warner — and how they choose to manage assets.
- Regulatory and political scrutiny: Given the size of the deal and potential media concentration, regulators — especially in the U.S. — may closely examine antitrust issues. Analysts believe the bid could face serious scrutiny.
- Uncertainty for consumers and creators: The outcome might affect what shows and movies are available, how content is released (theatrical vs. streaming), and how media professionals — from actors to crew — are impacted.
What to watch for in the coming weeks
- Shareholder response — whether Warner Bros shareholders back Paramount’s offer or stick with the Netflix agreement.
- Regulatory review — antitrust and competition authorities may weigh in on the proposed acquisition, especially if the deal consolidates too much media influence.
- Statements from key stakeholders — Warner Bros management, Netflix leadership, and Paramount — for clarity on deal structure, financing, and future plans.
- Industry ripple effects — on streaming subscriptions, theatrical releases, cable-network operations, and competition among global studios and streamers.
Final thought
Paramount Skydance’s US $108.4 billion hostile bid for Warner Bros Discovery has turned what once looked like a done deal with Netflix into a full-blown media war. The outcome — whichever way it goes — is likely to reshape the entertainment ecosystem worldwide: studios, streaming, cable networks, content libraries and how audiences consume media may look very different soon.
