Overview
- Paramount Skydance went directly to WBD shareholders with a $30-per-share all-cash offer for the entire company, topping Netflix’s previously announced proposal.
- Netflix’s agreement, valued at about $82.7 billion enterprise-wide ($27.75 per WBD share with $23.25 in cash and $4.50 in Netflix stock), covers the studios and HBO/HBO Max and is conditioned on spinning off Discovery Global assets.
- The Netflix–WBD deal faces extensive antitrust review, with President Donald Trump publicly expressing skepticism and industry unions urging regulators to block the merger.
- Deal protections are significant: Netflix disclosed a $5.8 billion reverse breakup fee if approvals fail, and WBD would owe $2.8 billion to terminate and pursue another buyer.
- Markets moved on the takeover fight, with Netflix shares falling roughly 3–4% as WBD rose about 6% and Paramount climbed close to 9%, while both bidders signaled a 12–18 month path to any closing subject to approvals.