Paramount makes $108.4 billion hostile bid for Warner Bros Discovery

Tuesday, December 9, 2025 -The showdown between Paramount Skydance and Warner Bros. Discovery (WBD) has intensified, as Paramount launched a massive $108.4 billion hostile takeover offer to acquire the entire company at $30 per share in cash. 

The move instantly escalated the competition for control of one of Hollywood’s largest entertainment empires.

Paramount positioned its offer as a direct challenge to Netflix’s competing proposal, which focuses only on acquiring WBD’s studios and streaming operations. In contrast, Paramount’s bid covers the entire company, including the cable networks, news divisions, and all remaining business units. 

Paramount argues that its all-cash structure provides greater immediate value for shareholders and avoids the risks and complications associated with mixed stock-and-cash deals.

Still, the battle is far from settled. WBD’s board has not withdrawn support for Netflix’s deal, leaving the final decision in the hands of shareholders and regulators. 

Questions remain over how federal regulators will view such a sweeping media consolidation, as well as whether Paramount can shoulder the substantial debt required for the purchase. The coming weeks will determine whether this bid becomes a landmark entertainment merger or a high-stakes gambit that ultimately falls short.