Paramount Global has initiated a hostile takeover bid for Warner Bros Discovery. This move directly challenges Netflix’s recently announced $72 billion offer for the media giant.
This development follows Paramount’s recent urging for shareholders to reject the agreement signed with Netflix. Warner Bros had previously favored Netflix’s proposal. That deal promised to significantly reshape the U.S. entertainment landscape.
Paramount Criticizes Netflix’s Deal
David Ellison, Paramount Chairman and CEO, publicly criticized the Netflix deal. He argued it “exposes Warner Bros Discovery shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome.” Ellison also highlighted “a complex and volatile mix of equity and cash” involved in the Netflix proposal.
Ellison revealed Paramount had made six proposals to Warner Bros Discovery over a period of 12 weeks. He insisted that Paramount’s offer would best serve the creative community. He believes it will foster a stronger Hollywood.
“We believe our offer will create a stronger Hollywood,” Ellison affirmed in a statement. “It is in the best interests of the creative community, consumers, and the movie theatre industry.”
He further added that these stakeholders would benefit from enhanced competition. They would also see higher content spending and increased theatrical release output. “A greater number of movies in theaters will result from our proposed transaction,” Ellison stated.
Details of Netflix’s Offer
Netflix finalized its deal on Friday, December 6, 2025. The company aims to acquire Warner Bros Discovery. This includes the studios behind popular franchises like “Harry Potter” and streaming service HBO Max.
The cash-and-stock deal values Warner shares at $27.75 each. Its total enterprise value stands at $82.7 billion, which includes debt. The acquisition is expected to close within 12 to 18 months. This timeline follows Warner Bros Discovery’s separation of its cable operations. Notably, networks such as CNN and Discovery are not part of this sale.
Trump Weighs In on Potential Acquisition
Former President Donald Trump commented on the proposed Netflix agreement. He stated that the acquisition “could be a problem.” This concern stems from the size of the combined market share.
Trump emphasized his potential involvement in the matter. He would help determine whether the federal government should approve the deal.
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