Paramount Skydance makes $108 billion bid for Warner Bros Discovery: Challenges Netflix

Paramount Skydance has launched a $108.4 billion all-cash bid for Warner Bros Discovery (WBD), overtaking Netflix’s $82.7 billion offer. The bid values Warner shares at $30 each and covers all assets, including studios, streaming platforms, and cable networks. Paramount claims WBD is favoring Netflix and is appealing directly to shareholders. The move escalates a major battle in Hollywood and could reshape the media industry.

Paramount’s bid is entirely in cash, which offers immediate returns to shareholders and removes risks from stock price changes. Netflix’s earlier bid focused on studios and streaming and included both stock and cash. Paramount says its offer is simpler and more attractive because it covers the whole company, including CNN and other cable networks. Analysts say the higher price and cash-only structure could persuade shareholders to consider Paramount over Netflix. The company has made six proposals over the past 12 weeks, but WBD did not engage meaningfully until now. Paramount is giving shareholders a clear choice between its higher cash offer and Netflix’s faster but smaller deal.

David Ellison, chairman and CEO of Paramount Skydance, is leading the takeover attempt. Ellison, born on January 9, 1983, is the son of Oracle co-founder Larry Ellison. He started in acting before founding Skydance Media in 2009. The company merged with Paramount Global in August 2025, after which Ellison focused on growing Paramount into a “tech-hybrid” media company. Ellison wants to combine traditional media with AI and cloud technology from Oracle. He also aims to unify streaming services, including Paramount+, Pluto TV, and BET+. Internally, he has introduced stricter workplace rules, including a five-day office return policy starting January 2026, with buyout options for employees who opt out.

WBD shareholders now have a major decision. They must choose between Paramount’s higher immediate cash offer or Netflix’s more certain deal focused on studios and streaming. Analysts say the decision could reshape the company’s structure, affect its competitive position, and attract attention from regulators. Paramount’s bid could also trigger interest from other media giants like Comcast or Amazon. If successful, the acquisition would create a vertically integrated media company with studios, streaming platforms, and cable networks under one roof. Regulators are expected to closely examine the deal for antitrust concerns.