Paramount Pictures is attempting to acquire Warner Bros. Discovery (WBD) in an all-cash bid, surpassing Netflix’s previous offer. The deal would be worth $30 per share and total $108.4 billion for the entire company. Paramount CEO David Ellison claims his proposal provides more value than the one accepted by WBD’s board last week.
Netflix initially won the auction with a $27.75-per-share deal, which includes $23.25 in cash and $4.50 in stock. However, the streaming giant believes its offer will be worth more when considering the potential spinoff of WBD’s cable assets, including CNN.
Paramount is seeking to buy WBD entirely, whereas Netflix only acquired a portion of the company. Ellison argues that his deal offers better value and is more likely to receive regulatory approval due to the combined entity not being as dominant as the Netflix-HBO Max merger.
Ellison also emphasized the potential impact on the industry, stating that the Netflix-WBD deal would “kill the theatrical movie business” in Hollywood. In contrast, he claims Paramount’s offer will create a new competitor and support the creative community.
Source: https://edition.cnn.com/2025/12/08/business/paramount-hostile-takeover-bid-wbd