Paramount has taken its takeover fight public, launching a hostile, all-cash, 30 dollar per share offer directly to Warner Bros. Discovery (WBD) shareholders. According to reports, its terms are identical to its previously rejected December 4, 2025 bid.
The move bypasses WBD’s board after months of unsuccessful tenders, beginning with 19 dollars per share on September 14, 22 dollars on September 30, 23.50 dollars on October 19, and all-cash bids of 26.50 dollars and 30 dollars on December 1 and 4 respectively.
Paramount’s offer values WBD’s entire portfolio, including Warner Bros. Studios, HBO Max’s streaming operations, and its global networks cable business, at 108.4 billion dollars. This is above Netflix’s 82.7 billion dollar competing proposal, which offers 27.75 dollars per share for only Warner Bros. and HBO, split between 23.25 dollars in cash and 4.50 dollars in stock. WBD’s board selected Netflix as the preferred buyer last week, triggering Paramount’s escalation.
Paramount CEO David Ellison said shareholders should be able to evaluate what he called “a superior, fully financed, all-cash offer for the entire company.” In a brief statement, WBD said it will review the latest proposal and issue a recommendation within 10 business days, as required under US tender-offer rules.
Funding Paramount’s offer is 40 billion dollars in equity commitments from David’s father, Oracle’s Larry Ellison, the sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi, and Affinity Partners, the investment firm led by Jared Kushner. An additional 54 billion dollars in debt financing is committed by Bank of America, Citi, and Apollo Global Management.
Ellison has also highlighted the unappealing nature of Netflix’s agreement in the eyes of regulatory authorities as a reason why his company’s offer is superior.
By going hostile, Paramount has effectively challenged the authority of WBD’s board and opened the door to a contested shareholder vote. The move could trigger shareholder pressure on WBD’s board to reconsider its stance.
