Media giant attempts to block Netflix’s pending deal with a larger all-cash offer
Summary
– Paramount issues a $108 billion all-cash tender offer for Warner Bros. Discovery
– Company argues its bid offers faster completion and greater value than Netflix’s proposal
– Move escalates a high-stakes battle for control of WBD’s studios, networks, and streaming assets
Paramount has taken direct aim at Netflix’s pending acquisition of Warner Bros. Discovery by launching a $108 billion hostile takeover bid. The offer, made public through an all-cash tender valued at $30 per share, positions Paramount as a challenger to the previously announced Netflix deal, which carried an enterprise value of $82.7 billion.
In its announcement, Paramount called its proposal a superior option for WBD shareholders, emphasizing certainty, speed, and financial strength. The company criticized the Netflix structure as unstable and burdened by regulatory obstacles across multiple territories. Paramount’s leadership argued that its fully funded offer avoids the complications of mixing cash and stock, providing a straightforward path to closing.
Paramount stated that WBD’s board failed to engage meaningfully with six earlier proposals, prompting the company to take its latest offer directly to shareholders. CEO David Ellison highlighted concerns that the Netflix transaction could saddle WBD investors with the uncertain future of the Global Networks division while exposing them to lengthy antitrust battles.
The company outlined its vision for a combined entity, including investment in theatrical releases, a strengthened streaming footprint, expanded sports rights distribution, and a scaled content pipeline for both domestic and international markets. Paramount also pointed to its backing from RedBird Capital, the Ellison family, and committed financial partners as evidence of the bid’s stability.
If successful, the merger would reshape the global entertainment industry, creating a consolidated force that spans film, television, streaming, technology, and sports media. The move also intensifies competition as major studios position themselves against dominant players such as Netflix, Amazon, and Disney.
