Overview
- Paramount Skydance launched a public tender offer at $30 per share in cash, valuing WBD at roughly $108.4 billion including debt, and said shareholders should weigh its superior, faster proposal.
- Netflix and WBD have a board-approved pact for Netflix to acquire Warner Bros. studios and the HBO Max streaming business for about $82.7 billion enterprise value, offering $23.25 in cash plus $4.50 in Netflix stock per WBD share.
- The Netflix deal requires WBD to spin off its cable networks and obtain shareholder and regulatory approvals, with both companies guiding to a 12–18 month timeline to close.
- Paramount accused WBD of favoring Netflix and said its financing is backed by Ellison family capital and fully committed debt, while unions including the WGA and DGA urged regulators to block consolidation.
- President Trump signaled doubts about the Netflix-WBD merger’s market impact, Netflix agreed to a $5.8 billion breakup fee if regulators block the deal, WBD faces a $2.8 billion termination fee, and Netflix told subscribers services will not change for now.