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Paramount Skydance has launched a hostile $108.4 billion bid to acquire Warner Bros. Discovery (WBD), just days after Netflix reached an agreement to buy key assets of the media giant.
The dramatic move escalates an already fierce corporate battle for one of Hollywood’s most powerful studios.
Paramount’s offer of $30 per share in cash targets the entirety of WBD, including its Global Networks Segment, which oversees its traditional television channels.
This contrasts sharply with Netflix’s $82.7 billion deal, which focuses solely on WBD’s studio and streaming assets.
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Netflix’s bid, which beat earlier offers from Paramount and Comcast, was the result of a long and competitive auction. But Paramount has now gone directly to WBD shareholders with what it calls a “superior alternative”.
In its statement, Paramount argued that its all-cash offer gives WBD shareholders $18 billion more than the Netflix agreement and avoids the “inferior and uncertain value” of the streaming company’s proposal.
Paramount also stressed that the Netflix acquisition would face a long and complicated regulatory process, spanning several countries due to Netflix’s expanding global market power.
US President Donald Trump reinforced this point, saying the Netflix–WBD merger “could be a problem” for regulators concerned about market concentration.
Paramount Skydance chairman and CEO Dave Ellison said WBD shareholders must be given the chance to consider an offer that is both richer and more straightforward.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” Ellison said.
He added that Paramount offers a “more certain and quicker path to completion”.
The hostile bid sets the stage for a high-stakes showdown among three of the entertainment industry’s biggest players. WBD’s board must now respond to Paramount’s offer while shareholders weigh the richer cash payout against the faster-growing future Netflix claims it can deliver.
The coming weeks are likely to bring intense negotiations, regulatory warnings, and potentially counteroffers in a battle that could reshape global media for years.
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