Paramount Skydance Launches US$108.4 B Bid for Warner Bros. Discovery

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  Newsroom

• December 09, 2025

• Newsroom

Paramount Skydance Launches US$108.4 B Bid for Warner Bros. Discovery

On December 8 2025, Paramount Skydance announced a hostile all-cash takeover offer of US$108.4 billion for Warner Bros. Discovery (WBD). 

Under the proposal, Paramount offers US$30 per share to acquire all assets of Warner Bros. Discovery — including studios, streaming operations, and cable networks. 

Paramount argues this offer delivers significantly more cash to shareholders than the competing bid from Netflix which includes a mix of cash and stock and covers a narrower portion of WBD’s business. 

The company claims its all-cash, full-company proposal offers a clearer, more certain path to completion and better value to shareholders. 

The offer follows a weeks-long bidding war for Warner Bros. Discovery, during which multiple proposals were submitted. Paramount’s new bid bypasses WBD’s board and goes directly to shareholders. 

The move dramatically intensifies the contest over one of Hollywood’s largest media conglomerates and could reshape the landscape of global entertainment — depending on whether shareholders accept Paramount’s offer or honour the previous agreement with Netflix. 

Additional Information

Paramount’s offer values Warner Bros. Discovery at US$108.4 billion — significantly above Netflix’s prior bid, and encompasses all WBD assets, including cable networks that Netflix’s deal excluded. 
TechCrunch

Paramount argues the structure of the Netflix deal — partial acquisition plus asset spin-offs — carries regulatory and valuation risk, making Paramount’s offer preferable.