Paramount Skydance Launches $30/Share Hostile Bid for Warner Bros. Discovery, Challenging Netflix Deal

Paramount Skydance Corp. ( $PSKY ) has launched a $30-per-share all-cash hostile tender offer for Warner Bros. Discovery ( $WBD ), asserting its proposal delivers superior and more certain value compared to WBD’s previously announced transaction with Netflix. The bid values WBD at an enterprise value of $108.4 billion and is being taken directly to shareholders after months of failed private engagement.

• Paramount’s $30 cash offer represents a 139% premium to WBD’s September 10, 2025 undisturbed share price of $12.54.
• Financing is fully committed, backed by the Ellison family, RedBird Capital, and $54B in debt commitments from Bank of America, Citi, and Apollo.
• Paramount argues the Netflix deal provides inferior value, requires a complex equity-and-cash structure, and faces extensive multi-jurisdiction regulatory challenges.
• The company claims its offer adds $18B more cash to WBD shareholders than the Netflix proposal.
• Paramount says a combined entity would expand DTC scale, strengthen linear networks, grow theatrical output, and support substantial sports rights distribution.
• The tender offer expires January 8, 2026 unless extended; Paramount has filed Hart-Scott-Rodino notifications to begin regulatory review.

Relevant Companies

• Paramount Skydance ($PSKY) — Direct acquirer; transaction would significantly expand scale and require substantial financing.
• Warner Bros. Discovery ($WBD) — Target of hostile bid; share price likely to react to competing takeover offers.
• Netflix ($NFLX) — Its existing agreement with WBD faces disruption if Paramount’s higher-value cash offer prevails.

Editor’s Note: This is a developing story. This article may be updated as more details become available.