Warner Bros. Discovery in play as Paramount launches hostile bid
December 8, 2025 14.54 Europe/London By Julian Clover


Paramount has launched an all-cash tender offer to acquire Warner Bros. Discovery in a deal valuing the US media group at $108.4 billion (€93.1bn).

The company, now part of Skydance Corporation, is offering $30.00 per share for Warner Bros. Discovery, a 139% premium to WBD’s undisturbed share price of $12.54 on 10 September.

The move directly challenges Warner Bros. Discovery’s recently announced agreement with Netflix, which would deliver $23.25 in cash plus stock valued at around $4.50 per share, while leaving WBD shareholders with an interest in a spun-off Global Networks business. Paramount’s proposal instead seeks to acquire the whole company.

On Sunday Donald Trump warned the Netflix bid for WBD ‘could be a problem.’

There’s already opposition in Hollywood to the streamer’s $54 billion bid.

“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” said David Ellison, chairman and CEO of Paramount.

The tender offer is currently scheduled to expire on 8 January 2026, unless extended. Paramount said it has filed pre-merger notification under the Hart-Scott-Rodino Antitrust Improvements Act and is prepared to work through the regulatory approvals required.

Paramount argues its fully funded cash offer provides greater certainty and a quicker path to closing than the Netflix structure, which it believes is already facing a protracted multi-jurisdictional regulatory review in markets where Netflix already has a strong position.