Paramount Skydance announced on Monday, December 8, 2025 that it is launching a $108 billion cash bid to acquire Warner Bros. Discovery, just days after Netflix unveiled its own agreement to purchase the studio’s film and television assets.
Paramount’s offer values WBD at $30 per share, significantly higher than the $27.75 per share deal agreed with Netflix on December 5, 2025.
Unlike Netflix’s arrangement, which covers only WBD’s studios and streaming services, Paramount’s bid includes the company’s cable networks, promising shareholders full cash for all assets.
Paramount said its financing is secured through equity from the Ellison family and RedBird Capital, along with commitments from major banks, offering a faster and more straightforward path to completion compared with Netflix’s stock-and-cash structure.
The move represents a direct challenge to the Netflix deal, which had been approved by WBD’s board.
Paramount is attempting a hostile takeover by appealing directly to shareholders, citing the higher immediate value of its all-cash offer and the inclusion of previously excluded assets.
The outcome remains uncertain. Shareholders will need to decide whether to honor the Netflix agreement or accept Paramount’s proposal, while regulators could scrutinize either deal due to antitrust concerns.
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The battle underscores a major shift in the entertainment landscape, with the potential to reshape how Hollywood studios and streaming services operate.
If Paramount succeeds, traditional cable and studio assets remain integrated under one company.
If Netflix prevails, much of WBD’s content will be folded into its streaming empire, consolidating further power among a few major media companies.