Paramount has just escalated the battle in the entertainment industry with a bold takeover bid for Warner Bros. Discovery, coming just days after losing out to Netflix in a months-long bidding war for the company’s assets. Paramount announced that it will go directly to WBD shareholders with an all-cash offer of $30 per share, valuing the company at around $108.4 billion. The bid aims to cover all of Warner Bros. Discovery’s businesses, including its studios, streaming services, and global TV networks like CNN and TNT Sports.
The timing of Paramount’s bid is notable. Just days earlier, Warner Bros. Discovery had reached an agreement with Netflix valued at about $82.7 billion in enterprise terms, with an equity value around $72 billion. However, that deal was a mix of cash and stock and excluded several of WBD’s global cable networks, creating some uncertainty for shareholders. In Contrast, Paramount argues that its all-cash offer provides a faster and more certain path for investors, while also criticizing the current sale process for favouring Netflix and sidelining Paramount’s previous private bids.
If Paramount succeeds, the merger would consolidate film studios, cable networks, and streaming platforms under one roof, potentially creating one of the largest content powerhouses in the world. However, regulators are expected to investigate the deal closely due to its size and potential antitrust implications.
Meanwhile, Netflix’s acquisition has already raised antitrust concerns, with the Trump administration reportedly viewing the deal with heavy skepticism because it would combine two of the most dominant streaming platforms. It is worth noting that if the Netflix acquisition fails to receive regulatory approval, the OTT giant will pay $5.8 billion to WBD, while WBD would owe a $2.8 billion termination fee if it cancels the agreement to pursue a different bid.
Importantly, Paramount claims that this is not the first time it has made such an offer. According to CEO David Ellison, the company submitted the same $30-per-share proposal last week, which WBD rejected without providing any response.
But the latest bid becomes even more effective as it is backed by equity financing from the Ellison family and RedBird Capital, along with $54 billion in debt commitments from Bank of America, Citi, and Apollo Global Management. The proposal is aggressive in both scale and scope. It targets all of Warner Bros. Discovery’s assets, including studios, streaming platforms like HBO Max, and global cable networks that generate substantial revenue. And by offering cash rather than stock, Paramount positions itself as a lower-risk option for shareholders.
The whole scenario becomes even more noteworthy because Paramount Skydance and Netflix were not alone in the fight for Warner Bros. Discovery. Several other major companies reportedly showed interest in the entertainment giant’s assets. For example, Comcast (the parent company of NBCUniversal) submitted a bid, but only for WBD’s studios and streaming business, rather than the full company. Earlier reports also suggested that other global giants like Apple and Amazon were engaged in speculative discussions about potential bids.
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