Overview
- Paramount Skydance went public with a $30-per-share cash offer for all of Warner Bros. Discovery, valuing the company at about $108.4 billion and including cable networks such as CNN.
- Netflix previously announced a board-approved agreement to acquire Warner’s studios and HBO/HBO Max for roughly $82.7 billion in cash and stock at $27.75 per WBD share, contingent on a Discovery Global spin-off, shareholder consent and regulatory review over 12–18 months.
- Political and antitrust scrutiny is growing as President Trump said he will be involved in reviewing the Netflix–Warner deal, with senators including Mike Lee and Elizabeth Warren warning about competition risks.
- Paramount says its financing comes from the Ellison family, Affinity Partners linked to Jared Kushner, and Middle Eastern sovereign funds, with additional debt commitments from Bank of America, Citigroup and Apollo.
- Deal protections and market signals add pressure: reported terms include a $2.8 billion payment to Netflix if WBD accepts a superior offer and $5.8 billion due to WBD if regulators block the Netflix deal; WBD shares rose while Netflix fell after the hostile bid.