Overview
- Paramount’s all-cash tender values Warner Bros. Discovery at a $108.4 billion enterprise value and covers the entire company, including Global Networks such as CNN, TBS and HGTV.
- The offer contrasts with Netflix’s $27.75-per-share agreement for WBD’s studios and HBO/HBO Max, an approximately $72 billion equity deal valued at $82.7 billion including debt.
- Paramount says financing is secured through new equity backstopped by the Ellison family and RedBird Capital plus roughly $54 billion in committed bank debt from Bank of America, Citi and Apollo.
- Shareholders have until Jan. 8, 2026 to decide on Paramount’s tender, while WBD remains bound to the Netflix agreement that carries a reported $5.8 billion breakup fee.
- Both paths face heavy antitrust scrutiny as President Trump said the Netflix deal "could be a problem," while Netflix has stated it is highly confident about regulatory approval.