Paramount Global Launches Hostile Takeover For WBD

Paramount Global launched a $108 billion all-cash hostile takeover bid for Warner Bros. Discovery on Monday, directly appealing to shareholders just three days after Netflix announced a $72 billion deal to acquire only WBD’s studio and streaming assets.

The hostile tender offer, priced at $30 per share, represents a 56% premium over WBD’s September closing price and values the entire company—including its cable networks—at roughly $18 billion more in immediate cash than Netflix’s $27.75-per-share (cash-plus-stock) proposal for the premium assets alone. 

Paramount Skydance CEO David Ellison accused WBD’s board and CEO David Zaslav of running a “rigged” auction that unfairly favored Netflix due to personal relationships and a predetermined outcome.

Netflix’s December 5 agreement would see WBD spin off its declining cable networks (CNN, TNT, etc.) into a separate “Discovery Global” entity by mid-2026, with Netflix acquiring Warner Bros. studio, HBO, Max, and DC Comics for approximately $72 billion. That deal includes a $5.8 billion breakup fee and was reached after Netflix co-CEO Ted Sarandos met with President Trump in November.

Paramount argues its full-company, all-cash bid is superior in value, faces lower regulatory risk under the Trump administration, and avoids the complexity of a spin-off. The company has begun a direct campaign to WBD shareholders, who now have roughly 60 days to tender shares.

WBD shares rose sharply on the news, while Netflix and Paramount stocks dipped amid renewed uncertainty. Analysts expect counteroffers, potential matching rights from Netflix, lawsuits, and intense antitrust scrutiny regardless of which bid prevails. The outcome will significantly reshape Hollywood’s studio and streaming landscape.