Paramount has launched a hostile bid for Warner Bros Discovery (WBD), moving directly to shareholders with a $30-per-share all-cash offer. The company announced the move on Monday, urging investors to reject Netflix’s $72 billion takeover agreement. Paramount said its proposal covers the entire Warner Bros Discovery portfolio, including the Global Networks segment.
Netflix Deal Raises Market Concerns
Netflix reached its agreement on Friday to buy WBD, the studio behind major franchises such as Harry Potter and HBO Max. The cash-and-stock deal values WBD at $27.75 per share, giving the transaction an enterprise value of $82.7 billion including debt. The acquisition is expected to close within 12 to 18 months. However, the deal excludes networks such as CNN and Discovery, which Warner plans to separate beforehand.
Former US President Donald Trump said on Sunday that the Netflix-WBD merger “could be a problem” because of the significant combined market share.
Paramount Says Its Bid Is Superior
Paramount CEO David Ellison said WBD shareholders deserve the chance to evaluate what he called a superior proposal. He argued that Paramount’s cash offer provides clearer value and a faster path to completion. Ellison criticised the WBD board for pursuing what he described as an inferior Netflix deal.
He also questioned the likelihood of Netflix securing regulatory approval, saying that allowing the top streaming service to merge with the third-largest player would be anticompetitive.
High-Stakes Battle for Hollywood’s Future
Paramount Skydance launched a $100 billion bid for WBD in late 2025. Netflix countered and secured core assets — including HBO, DC Studios, and Warner Bros. Pictures — for $83 billion on December 5. Paramount responded by escalating efforts to derail the agreement.
Industry analysts say the competing bids could reshape Hollywood. Netflix’s potential jump to about 40 percent of the US streaming market is expected to trigger intense antitrust scrutiny.
