Overview
- - Paramount went directly to Warner Bros. Discovery investors with a $108 billion tender offer, pricing shares at $30 and setting up a contest for control.
- - Netflix and Warner previously announced an approximately $82.7–83 billion agreement that would give Netflix the studio and HBO Max, with TV networks reported to be spun off as a separate 'Discovery Global' entity.
- - Paramount’s financing is reported to include the Ellison family and outside investors such as sovereign wealth funds and Jared Kushner’s Affinity, with governance concessions offered and Tencent no longer part of the bid.
- - President Donald Trump said he will be involved in the decision and flagged market-power concerns, foreshadowing an antitrust review that observers expect could last 12–18 months.
- - Market reaction was swift with Warner and Paramount shares rising and Netflix falling; Netflix expressed confidence, agreed to a $5.8 billion reverse breakup fee on regulatory failure, and Paramount’s offer currently runs until January 8.