The future of Hollywood’s content landscape is now the subject of a massive corporate war. Paramount (a Skydance Corporation) has launched an aggressive, all-cash hostile takeover bid for the entire Warner Bros. Discovery (WBD) company, valued at $108.4 billion (or $30 per share).
This decisive move directly challenges the lucrative acquisition deal WBD’s board had previously negotiated with Netflix.
Paramount’s unexpected offer was taken directly to WBD shareholders this week. The Skydance Corporation CEO, David Ellison, stated that the move was necessary after the Warner Bros. Discovery leadership allegedly refused to engage with Paramount’s earlier, higher-value proposals.
WBD Board Accused of Favoring Netflix Deal
The $30-per-share, all-cash proposal from Paramount dramatically outstrips the value and structure of the Netflix bid. Paramount argues its bid provides “superior value and a more certain path to completion” than the rival Netflix offer, which was valued at $27.75 per share and involved a complex cash-and-stock mixture requiring WBD to first split its assets.
The hostile takeover bid serves as an urgent appeal to WBD shareholders to reject the Netflix arrangement announced last week and accept the higher price for the entire Warner Bros. Discovery operation, including HBO, global networks, and the core studio assets.
The Competing Bids: Paramount’s All-Cash Offer vs. Netflix
The core difference between the two most significant proposals lies in their valuation, structure, and the scope of the WBD assets being acquired.
Regulatory Roadblocks and Studio Merger Impact
The $108.4 billion offer is backed by significant institutional financing, including RedBird Capital Partners and the family of Oracle co-founder Larry Ellison.
Paramount is positioning its bid as pro-competitive, arguing that combining Paramount and WBD would create a stronger, integrated media force capable of effectively challenging major tech competitors. Conversely, the Netflix acquisition of the massive Warner Bros. content library has raised alarms among analysts over the potential creation of an excessively dominant entity in global streaming and content production.
The hostile tender offer is scheduled to expire in early January 2026, setting the stage for a dramatic corporate battle that will likely reshape the Hollywood studio merger landscape for years to come.
What Happens Next
Negotiations are still ongoing, and Warner Bros’ board will ultimately decide which offer provides the strongest financial and strategic advantage. If Paramount’s latest proposal gains traction, the entertainment industry could witness one of the most transformative mergers in recent decades.
For now, Hollywood continues to watch closely as two iconic studios move toward a possible consolidation that could redefine film production, streaming strategy, and global content distribution.
