Paramount Skydance has launched a direct counterbid for Warner Brothers Discovery, challenging Netflix’s effort to acquire the studio and its streaming networks, including HBO. Paramount offered $30 per share, pitching the deal as a “superior alternative” that delivers more cash upfront and has a stronger chance of clearing regulators.
CEO David Ellison argued on CNBC that a Netflix–Warner merger would be “anti-competitive” and give Netflix excessive leverage over Hollywood talent.
Breaking news: Paramount has launched a $108bn hostile bid to buy Warner Bros Discovery, in an attempt to outmanoeuvre Netflix after the streaming giant won an auction for the media company last week. https://t.co/ew4m1FZ0Pd pic.twitter.com/Fk1FVT3YHR
— Financial Times (@FT) December 8, 2025
His comments followed President Donald Trump’s warning that Netflix’s planned takeover “could be a problem” due to its potential market dominance.
Netflix’s proposal values Warner Brothers’ studio and streaming assets at $83 billion including debt, whereas Paramount’s bid values the entire company at $108.4 billion.
Paramount Skydance took its bidding for Warner Bros. Discovery public with an offer of $30 a share in cash, just days after the company agreed to a deal with Netflix.
— Bloomberg TV (@BloombergTV) December 8, 2025
Geetha Ranganathan has more https://t.co/cttmLkz9ec pic.twitter.com/ylKMWybkwi
Despite Paramount’s push, the boards of Netflix and Warner Brothers reiterated their support for the Netflix deal, which would move forward after a planned spin-off of Warner’s traditional TV networks — a move Ellison said would ultimately hurt shareholders.
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