Paramount Pictures has taken a hostile stance in its bid to acquire Warner Bros Discovery, directly challenging Netflix’s recently announced $72 billion takeover agreement.
On Monday, Paramount revealed that it is making a direct appeal to Warner Bros Discovery shareholders, offering $30 per share in cash for the entire company, including its Global Networks business. This move comes just days after Paramount urged shareholders to reject the Netflix agreement.
Previously, Warner Bros Discovery had favoured Netflix’s proposal over Paramount’s bid, a deal set to reshape the U.S. entertainment landscape.
Paramount Chairman and CEO David Ellison criticised the Netflix transaction, stating it “exposes Warner Bros Discovery shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome, along with a complex and volatile mix of equity and cash.”
Ellison highlighted that Paramount had submitted six proposals over 12 weeks and argued that its offer better serves the interests of the creative community, consumers, and the broader Hollywood industry.
“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers, and the movie theatre industry. They will benefit from enhanced competition, increased content spending, more theatrical releases, and a greater number of movies in cinemas as a result of our proposed transaction,” Ellison said.
Netflix had signed its deal to acquire Warner Bros Discovery on Friday, December 6, 2025. The studio, known for franchises like Harry Potter and HBO Max, agreed to a cash-and-stock deal valued at $27.75 per share, giving the transaction a total enterprise value of $82.7 billion, including debt. The deal is expected to close 12 to 18 months after Warner Bros Discovery completes the separation of its cable operations. Notably, networks such as CNN and Discovery are excluded from the sale.
Commenting on the development, former President Donald Trump said Netflix’s acquisition “could be a problem” due to the size of the combined market share. He indicated that he would play a role in deciding whether federal approval should be granted for the deal.
