Paramount, part of Skydance Corporation, has initiated a hostile all-cash tender offer to acquire all outstanding shares of Warner Bros. Discovery (WBD) at $30 per share, valuing the deal at $108.4 billion. The proposal-which includes WBD’s Global Networks segment-was made public after Paramount said WBD’s board did not respond to several private approaches.
Positioning its bid as “superior and more certain,” Paramount argues that its offer delivers $18 billion more in cash to WBD shareholders than Netflix’s competing $72 billion cash-and-stock proposal. The company contends that the Netflix deal carries significant regulatory hurdles and exposes shareholders to uncertainty tied to valuation of the Global Networks business and future stock performance.
David Ellison, chairman & CEO of Paramount, said the company is taking its proposal directly to shareholders to ensure they can “maximize the value of their shares” without being left with a highly leveraged, sub-scale entity-as would be the case under the Netflix-linked restructuring.
Paramount also asserts it is far more likely to achieve a swift regulatory clearance. The company argues that a Netflix–WBD merger would consolidate too much market power, creating a player with around 43% global SVOD market share, potentially harming competition, raising consumer prices, and impacting creator compensation.
Paramount believes the combined entity would create a scaled global media powerhouse with strong creative engines, expanded theatrical output, and a unified sports platform covering major leagues and properties. Despite submitting six proposals over 12 weeks, Paramount says WBD has not meaningfully engaged, prompting the public tender offer.
The bid, unanimously approved by Paramount’s board, expires January 8, 2026, unless extended.
