Overview
- Paramount Skydance launched a hostile all-cash tender valuing Warner Bros. Discovery at about $108.4 billion and covering the entire company, including CNN, TNT, TBS and Discovery networks.
- Analysts quoted in trade coverage describe Paramount’s proposal as cleaner and lower risk than Netflix’s cash-and-stock agreement limited to the studios and HBO/HBO Max assets.
- Warner Bros. Discovery’s board, led by David Zaslav, has 10 business days to respond, and the tender will remain open for 20 business days.
- Paramount CEO David Ellison says the offer provides $17.6 billion more cash to shareholders than Netflix’s deal, while separate reporting raises questions about Paramount’s funding partners.
- Netflix told subscribers that operations remain unchanged for now, said closing depends on WBD’s planned networks spin-off expected in Q3 2026 with a 12–18 month timeline, and stated it expects to maintain theatrical releases.