Paramount Skydance has advanced a dramatic $108.4 billion hostile takeover bid for Warner Bros. Discovery (WBD), directly appealing to shareholders in an effort to upend a previously agreed acquisition by Netflix. The move marks a major escalation in one of the most consequential media industry deals of 2025, pitting legacy broadcast and studio infrastructure against streaming powerhouse ambitions.
All‑Cash Offer Aims to Sway Shareholders
Paramount’s all‑cash proposal—valued at about $30 per share—surpasses Netflix’s roughly $82.7 billion agreement with WBD’s board by offering an extra $18 billion in cash value. Paramount argues its bid is a quicker, more certain path to completion with a streamlined regulatory process, potentially closing in about 10–12 months compared with Netflix’s longer timeline.
Hostile Strategy Highlights Board Tensions
The bid follows months of alleged “radio silence” from Warner Bros. executives toward Paramount’s overtures, prompting the more aggressive shareholder‑facing approach. By bypassing the board and courting WBD shareholders directly, Paramount is signaling confidence that investors may favor its higher immediate cash return—even as the WBD board weighs its fiduciary duties and Netflix’s existing agreement.
Industry Impact & Regulatory Headwinds
If successful, the deal would unite Paramount’s broadcast and cable assets with Warner’s studio, streaming, and content libraries—reshaping Hollywood’s competitive landscape. Both bids face antitrust scrutiny and political attention as regulators consider implications for competition, content distribution, and media consolidation.
