Overview
- Netflix has a board-approved cash-and-stock agreement to acquire Warner Bros. Discovery’s studios and HBO/HBO Max at about $82.7 billion in enterprise value, with closing targeted in 12–18 months after a planned networks spinoff.
- Paramount Skydance publicly offered $30 per WBD share in cash, valuing the entire company at roughly $108.4 billion and casting its proposal as superior and faster to close.
- Paramount says its offer is fully financed by the Ellison family, major lenders and investors including Affinity Partners and sovereign funds from the Middle East.
- Deal filings set breakup fees at $5.8 billion if regulators block Netflix’s deal and $2.8 billion if WBD terminates to accept a higher bid.
- Scrutiny escalated as President Trump questioned the Netflix–WBD tie-up, senators raised antitrust concerns, WBD shares climbed and Netflix fell, and Netflix told subscribers no immediate service changes are planned.