Overview
- Paramount Skydance opened a hostile tender at $30 per share, valuing Warner Bros. Discovery at about $108–108.4 billion, with the offer set to expire on January 8, 2026 unless extended.
- SEC disclosures show financing from Larry and David Ellison with RedBird, Middle Eastern sovereign funds, and Jared Kushner’s Affinity Partners, while foreign investors agreed to forgo board rights and Tencent was dropped from the bid.
- Netflix’s previously announced pact to buy Warner’s studio and streaming assets is valued at roughly $82.7–83 billion, and Warner’s management continues to recommend that route.
- Netflix executives signaled confidence the transaction can close and included a $5.8 billion termination fee if antitrust authorities block the deal.
- President Donald Trump said he will be involved in the review, and critics including Senator Elizabeth Warren warned a Netflix–Warner combination could create excessive market power, while Paramount argues its all-cash offer is simpler and could close in about 12 months and would include CNN and other TV networks.