Paramount launches $108B hostile bid for WBD to counter Netflix deal
Paramount and Skydance have launched a $108.4 billion hostile tender offer for Warner Bros. Discovery to upend an existing, roughly $83 billion Netflix agreement — Paramount says WBD “never engaged meaningfully” with six prior proposals, while WBD’s board has called Netflix’s bid superior and has 10 days to respond. Paramount has secured at least $24 billion from outside backers including Saudi PIF, QIA, L’imad Holding and Affinity Partners (who will forgo board seats), and both transactions face regulatory review amid political scrutiny — including calls from former President Trump that CNN be sold — that could affect approval.
đź“Ś Key Facts
- Paramount launched a hostile tender offer for Warner Bros. Discovery and said WBD 'never engaged meaningfully' with six separate proposals.
- WBD’s board has 10 days to respond to Paramount’s tender offer and has said Netflix’s bid is superior on financial grounds.
- NPR reports the Netflix–Warner agreement is about $83 billion, covering streaming and studios while spinning off CNN and other cable channels.
- Paramount has lined up outside financing from the Public Investment Fund (PIF), L’imad Holding, Qatar Investment Authority (QIA) and Affinity Partners, contributing at least $24 billion and agreeing to forgo board seats and voting rights.
- The Netflix deal omits WBD’s cable networks, including CNN; that omission, together with recent comments from Donald Trump, has been flagged as creating perceived regulatory and political risk for the Netflix transaction.
- The proposed combination would require antitrust review by the FTC and DOJ, an important regulatory hurdle for any deal.
- NPR noted Warner did not respond to requests for comment, and Netflix planned an investor call on Monday.
- Reporters flagged additional context that could affect regulatory optics: the Ellisons’ ties to Trump and recent CBS News leadership changes (Bari Weiss named editor in chief and a new conservative ombudsman).
đź“Š Relevant Data
CNN's primetime viewership fell by 42% in the third quarter of 2025.
Anderson Cooper Seals CNN Future Despite Waning Primetime ... — Yahoo
In November 2025, CNN lost 11% of total day viewers and 35% in the demo.
Here Are the Cable News Ratings for November 2025 — ADWEEK
Warner Bros. Discovery reported a net loss of $148 million and a 6% revenue decline to $9.05 billion in Q3 2025.
Warner Bros. Discovery Swings to $148 Million Loss in Q3 As It ... — TheWrap
Netflix holds approximately 21% of the U.S. streaming market share in 2025.
Streaming Service Market Share (2025): Revenue Data & Trends — Evoca.tv
đź“° Sources (3)
- WBD board has 10 days to respond to Paramount’s tender offer and has indicated Netflix’s bid is superior on financial grounds.
- Trump’s new comments could be leveraged to argue perceived regulatory risk for the Netflix deal because it omits WBD’s cable networks, including CNN.
- Paramount’s outside financiers include PIF, L’imad Holding, QIA and Affinity Partners, contributing at least $24 billion and agreeing to forgo board seats and voting rights.
- Paramount executives said Warner 'never engaged meaningfully' with six separate proposals.
- NPR pegs the Netflix–Warner agreement at about $83B and specifies it covers streaming and studios while spinning off CNN and other cable channels.
- Warner did not respond to NPR’s request for comment; Netflix planned an investor call Monday.
- Trump offered noncommittal remarks, praising Netflix but noting market share concerns; article underscores the deal requires FTC/DOJ approval.
- Additional context on Ellisons’ ties to Trump and recent CBS News leadership changes (Bari Weiss named editor in chief; new conservative ombudsman) potentially relevant to regulatory optics.