The battle for Warner Bros. Discovery (WBD) has intensified after Paramount Skydance launched a hostile $108.4 billion all-cash offer, countering Netflix’s earlier bid and setting off one of the largest takeover tussles in Hollywood’s modern history.
Paramount’s offer, unveiled late Monday, values WBD at $30 per share — significantly higher than Netflix’s $27.75 per share mix of cash and stock, which had been under exclusive review by WBD’s board since late November. The new bid immediately sent ripples through global markets and sparked speculation about a drawn-out bidding war that could reshape the entertainment industry.
In its filing, Paramount confirmed that the proposal is a direct counter to Netflix’s ongoing acquisition attempt, marking its shift from observer to aggressor in Hollywood’s consolidation wave. The bid, which covers the entire Warner Bros. Discovery group, includes WBD’s cable networks, studio operations, and streaming assets — areas Netflix had planned to acquire selectively.
Paramount described its proposal as “a cleaner, faster, and more certain transaction” than Netflix’s hybrid deal. The company emphasized that an all-cash structure would eliminate uncertainties tied to stock valuation or post-merger integration, offering shareholders immediate liquidity.
“This offer represents a compelling premium for shareholders and ensures the preservation of Warner Bros.’ legacy while securing its future growth,” Paramount said in its press statement.
The company also framed its move as a bid to stabilize the broader entertainment sector, highlighting its commitment to theatrical releases and traditional studio production at a time when streaming giants are consolidating dominance.
Warner Bros. Discovery has acknowledged receipt of Paramount’s tender offer, confirming that it will “carefully review and consider” the proposal. In a statement to investors, the company said its board had “conducted a fair and transparent process with all bidders” and remains committed to delivering the best outcome for shareholders.
As of Tuesday, the WBD board has not changed its recommendation in favor of Netflix’s deal but said it would issue a formal response within ten business days.
“Paramount’s unsolicited bid will be reviewed in accordance with fiduciary responsibilities,” the company said, signaling a cautious approach as pressure mounts from investors eager to see how the board reacts to the higher all-cash proposal.
While labeled a counteroffer, Paramount’s move is technically a hostile takeover attempt, as it bypassed WBD’s board to go directly to shareholders. Through a tender offer, Paramount urged investors to sell their shares directly, a strategy often used to pressure a target company’s management into negotiations.
If successful, Paramount’s acquisition of Warner Bros. Discovery would create an entertainment powerhouse with one of the largest combined content libraries in history — spanning CBS, MTV, Nickelodeon, HBO, DC Studios, CNN, and Paramount+. The merger could rival Disney in scale and content reach while rebalancing power away from Silicon Valley-based streamers like Netflix and Amazon.
