Paramount Skydance Throws Down $108.4 Billion Bid for Warner Bros. Discovery in Hostile Takeover Attempt

08 December 2025

In a dramatic new twist to one of the most closely watched bidding wars in Hollywood history, Paramount Skydance launched a hostile all-cash bid for Warner Bros. Discovery worth approximately $108.4 billion. The offer arrives just days after a competing deal saw Netflix win initial approval to acquire key Warner Bros studios and streaming assets, a $72 billion agreement that many assumed would end the bidding process.

Paramount’s proposal stands at $30 per share and seeks to purchase the entire Warner Bros. Discovery company, including its cable-TV networks, global media infrastructure and sprawling content library. That contrasts sharply with Netflix’s purchase plan, which covers mainly the film and television studios, streaming service and content leaving the linear and cable assets outside the deal. Paramount argues its comprehensive takeover would deliver better value to shareholders and avoid the complications of a partial asset split.

The move is being described as a hostile takeover because Paramount is bypassing the existing board of Warner Bros. Discovery and appealing directly to shareholders. In its public letter, Paramount accused the Warner board of bias, saying it preferred Netflix’s deal without giving Paramount’s offers proper consideration, a claim that threatens to ignite legal and regulatory backlash.

By far the bid represents one of the largest takeover attempts in entertainment history. For shareholders, it’s an offer that exceeds the Netflix agreement by more than $18 billion and delivers full cash rather than stock-heavy terms. Paramount says the deal is “pro-consumer,” pro-Hollywood and far easier to get through regulatory review than Netflix’s leveraged buy-out.

But the bold gambit carries heavy risks. The plan to absorb the entirety of Warner Bros. Discovery including cable networks, Hollywood studios, streaming, and news outlets would create a media conglomerate rivaling or surpassing current giants in size and influence. That raises immediate concerns among antitrust regulators, lawmakers and industry watchdogs about media concentration, reduced competition and the future of independent studios and creators.

Critics warn that putting so much power under one roof could reshape or distort how content is produced, distributed and priced. There are fears about job losses, creative homogenization and diminished bargaining leverage for talent in film and television. The implications extend beyond entertainment, touching on news distribution, cultural influence and the balance of media power in the United States.

For now, the ball is back in the court of Warner Bros. Discovery’s shareholders. Paramount’s bid pledges liquidity, certainty, cash value and a promise to preserve theatrical releases alongside streaming. Shareholders must decide whether they prefer a full takeover that dilutes fewer assets or a breakup that keeps parts of the legacy company independent under Netflix’s proposed plan.

The next few months will be critical. Regulatory reviews, potential lawsuits, antitrust hearings and shareholder votes loom large. Whether Paramount can pull off this takeover could reshape the landscape of global media or trigger a firestorm that sends shockwaves across the entertainment world.