Paramount escalates takeover battle with tender offer for Warner Bros. Discovery

California, United States — Paramount has launched a hostile all-cash tender offer to acquire Warner Bros. Discovery (WBD) for US$30 per share, challenging the company’s recently announced agreement to be purchased by Netflix. 

The offer values WBD at an enterprise value of US$108.4 billion, significantly above Netflix’s US$27.75-per-share cash-and-stock proposal.

The bid, filed directly to shareholders after 12 weeks of unsuccessful engagement with WBD’s board, covers the entire company, including its global networks division. 

Paramount said its approach offers more certainty, greater value and a faster path to completion than the Netflix deal, which remains subject to the planned spin-off of WBD’s networks business and extensive regulatory review.

David Ellison, Paramount’s chairman and chief executive, said, “WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion.”

Paramount argued that Netflix’s proposal relies on “an unrealistic assumption” that its combination with WBD can withstand multi-jurisdictional scrutiny, adding that the structure exposes shareholders to volatile future trading values. 

Paramount also said it is confident of securing swift regulatory clearance and has secured US$54 billion in debt commitments alongside new equity backing.

The Netflix–WBD agreement, which values the company at US$82.7 billion excluding the network’s spin-off, would unite Netflix’s global scale with Warner Bros.’ library of franchises and classics. 

Paramount’s tender offer expires on January 8, 2026 unless extended, setting up a direct contest between shareholders’ preference for a higher cash premium and WBD’s existing commitment to Netflix’s signed agreement.