Paramount bids $108.4 billion for Warner Bros. Discovery acquisition, challenges Netflix bid — Details here

Global media and entertainment conglomerate, Paramount, on Monday, placed a challenging bid of $108.4 billion, looking to potentially acquire Warner Bros. Discovery through an all-cash deal, amid a competing Netflix offer, according to the official announcement on 8 December 2025.

Paramount has offered to pay $30 per share in cash to potentially acquire all of the outstanding shares of Warner Bros. Discovery (WBD), including the company's Global Networks segment. This values the overall enterprise value of the deal at $108.4 billion.

Paramount “today announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. (NASDAQ: WBD) for $30.00 per share in cash. Paramount's proposed transaction is for the entirety of WBD, including the Global Networks segment,” said the company in an official statement.

Paramount's $108.4 billion bid details

Skydance Corporation firm, Paramount, has offered a $30 per share all-cash deal, putting an $108.4 billion enterprise value on Warner Bros. Discovery in an effort to outbid Netflix's proposal.

Mint reported earlier that Netflix has offered WBD a $72 billion deal for the acquisition of the iconic US-based film studio and its streaming service HBO Max.

Paramount's offer represents a 139% premium to the Warner Bros. stock price of $12.54 per share as of 10 September 2025. In its official announcement, the company also highlighted that Netflix's bid structures the potential acquisition move at $27.75 per share with a mix of cash and a stock component, which brings the future performance of Netflix stock into the equation.

“Paramount proposal is for all of WBD, without leaving WBD shareholders with a sub-scale and highly leveraged stub in Global Networks, as the Netflix agreement assumes,” said the company in its investor filings on Monday.

Paramount's bid will not be subject to any financing conditions and is set to be funded by the new principal equity holders of the company, including $54 billion, which are debt commitments from Bank of America, Citi, and Apollo.

“We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process. We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximise the value of their shares,” said David Ellison, the Chairman and CEO of Paramount.

Stock action

After Paramount's bid, Warner Bros. Discovery's stock jumped more than 8% to $28.17 during Monday's trading session, compared to $26.08 at the previous Wall Street close last week, according to MarketWatch data.

As of 10:41 a.m. (EDT), the Warner Bros. stock is trading 6.43% higher at $27.76, compared to the previous market close levels. Paramount Skydance shares were also trading 5.57% higher at $14.10 on Monday's US stock market, compared to $13.37 at the previous market close.

However, Netflix shares dropped more than 4.5% to hit their intraday low level of $95.30 after Monday's stock market session, compared to $$100.24 at the previous market session.

Read all stories by Anubhav Mukherjee

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