Within hours of Netflix announcing that it is set to acquire Warner Bros. Discovery, Paramount Skydance has made a bold move by launching a $108.4 billion all-cash bid for WB. This no doubt surpasses Netflix’s reported $82.7 billion proposal.
Unlike Netflix’s $27.75-per-share offer, which is structured as a mix of cash and stock and focused mainly on studio and streaming assets, Paramount’s bid covers the entire company, including CNN and its cable networks.
Reports also claim that Paramount has accused Warner of favouring Netflix over competing bidders, according to a report citing a letter from the newly merged media company.
"We strongly urge you to empower such a special committee comprised of directors with no potential appearance of bias or beholdenness to others whose interests may differ from those of the stockholders," Paramount's legal team was quoted as saying in the letter.
Paramount had reportedly approached Warner multiple times over the past 12 weeks, submitting six proposals with little engagement until now.
This latest move gives investors a higher immediate payout and a clearer alternative. While Warner’s board had leaned toward Netflix for perceived deal certainty, analysts believe Paramount’s higher valuation and cash-only terms could reshape shareholder sentiment. Insiders believe this is shaping up to be one of the largest hostile takeover efforts seen in Hollywood in recent years.
Strategically, the bid underscores Paramount’s push toward building a broad media empire spanning studios, streaming, and cable networks, and highlights the continued value of expansive content libraries in the evolving entertainment market.
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