Race for Warner Bros. Discovery ownership intensifies as Paramount counters Netflix offer
The battle for Warner Bros. Discovery (WBD) has dramatically intensified after Paramount Skydance on Monday launched a hostile all-cash takeover bid, sharply challenging Netflix’s deal announced just days earlier.
On December 5, Netflix reached an agreement with WBD to acquire its film and television studio business, including iconic assets such as HBO, HBO Max, and the storied Warner Bros. studios. The deal was valued at about US$82.7 billion in enterprise value, roughly US$72 billion in equity.
However, Paramount Skydance countered on December 8 with a $108.4 billion bid, offering US$30 per share in cash for the entire company, including WBD’s Global Networks businesses such as TV-cable channels. According to Paramount, its all-cash approach presents “superior value, and a more certain and quicker path to completion,” compared to Netflix’s mix of cash, stock, and planned spin-off of cable assets.
The dispute has drawn political scrutiny. President Donald Trump, whose administration will oversee regulatory approval, warned that the Netflix-WBD deal “could be a problem” because of the enlarged company’s market share, reports The Guardian. While Trump praised Netflix’s co-CEO, he also indicated he would be personally involved in any decision over the merger.
Paramount’s backers argue their bid is financially stronger, offers regulatory clarity, and includes all of WBD, a package Netflix deliberately excluded in seeking only the studios and streaming assets.
Yet, the board of WBD had initially chosen Netflix’s offer, prompting Paramount to appeal directly to shareholders with its hostile bid.
Analysts now speculate who might prevail. Paramount’s all-cash, higher-value offer may appeal to shareholders seeking maximum liquidity and less risk. Nevertheless, Netflix’s deal, already agreed with WBD’s board, carries momentum. Regulatory hurdles remain high for both.
If the process moves smoothly, the acquisition could close by the third quarter of 2026, following WBD’s planned spin-off of its linear networks. However, given the sudden escalation, delays are possible, especially if antitrust regulators probe consolidation in streaming and media.
For now, the entertainment world watches closely, and the race for Warner Bros. may be far from over.
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