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

    Barchart·12/08/2025 18:18:17
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    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.

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