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Paramount Goes Direct To WBD Shareholders With Hostile 30-Dollar-Per-Share Cash Bid
FILE
Paramount has launched a hostile all-cash tender offer to acquire Warner Bros. Discovery (WBD) for $30 per share, escalating its corporate showdown with Netflix and challenging WBD’s board, which previously backed a different merger plan.
The offer, valuing WBD at about $108.4 billion, aims to buy the entire company, including its global networks. Paramount says its proposal gives shareholders $18 billion more in immediate cash than Netflix’s mixed cash-and-stock offer, which covers only WBD’s studios, HBO/HBO Max, and streaming assets.
Paramount Chairman and CEO David Ellison said the company had to take its proposal straight to investors:
“WBD shareholders deserve an opportunity to consider our superior all-cash offer… We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests.”
Paramount vs. Netflix
Paramount argues that Netflix’s deal faces major hurdles, including significant antitrust risks, multiple regulatory approvals across jurisdictions, a leftover “overleveraged” networks business, and the fact that Netflix has never executed an acquisition of this scale.
In contrast, Paramount says its own offer is fully financed, with $54 billion in debt commitments from Bank of America, Citi, and Apollo, plus equity backing from the Ellison family and RedBird Capital.
Limited Engagement, Hostile Move
Paramount says it submitted six proposals over 12 weeks, but WBD’s board offered little engagement. This led Paramount to go directly to shareholders. The tender offer expires on January 8, 2026, unless extended.
What’s at Stake
If successful, the acquisition would combine two major Hollywood powerhouses, bringing together Paramount+, HBO Max, Warner Bros., Paramount Pictures, and major sports rights. Paramount says the merged company could unlock over $6 billion in cost savings.
The outcome remains uncertain as WBD’s board reviews the proposal and the industry watches for a potential bidding war.
The offer, valuing WBD at about $108.4 billion, aims to buy the entire company, including its global networks. Paramount says its proposal gives shareholders $18 billion more in immediate cash than Netflix’s mixed cash-and-stock offer, which covers only WBD’s studios, HBO/HBO Max, and streaming assets.
Paramount Chairman and CEO David Ellison said the company had to take its proposal straight to investors:
“WBD shareholders deserve an opportunity to consider our superior all-cash offer… We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests.”
Paramount vs. Netflix
Paramount argues that Netflix’s deal faces major hurdles, including significant antitrust risks, multiple regulatory approvals across jurisdictions, a leftover “overleveraged” networks business, and the fact that Netflix has never executed an acquisition of this scale.
In contrast, Paramount says its own offer is fully financed, with $54 billion in debt commitments from Bank of America, Citi, and Apollo, plus equity backing from the Ellison family and RedBird Capital.
Limited Engagement, Hostile Move
Paramount says it submitted six proposals over 12 weeks, but WBD’s board offered little engagement. This led Paramount to go directly to shareholders. The tender offer expires on January 8, 2026, unless extended.
What’s at Stake
If successful, the acquisition would combine two major Hollywood powerhouses, bringing together Paramount+, HBO Max, Warner Bros., Paramount Pictures, and major sports rights. Paramount says the merged company could unlock over $6 billion in cost savings.
The outcome remains uncertain as WBD’s board reviews the proposal and the industry watches for a potential bidding war.
Dec 9, 2025
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