Overview
- Paramount’s $30-per-share offer seeks to buy all of Warner Bros. Discovery, including cable networks such as CNN, TNT and TBS, contrasting with Netflix’s agreement for studios and streaming only.
- Warner Bros. Discovery said it will carefully review the tender but left in place its board’s recommendation for the previously approved Netflix transaction, with a formal response due within 10 business days.
- Paramount disclosed financing that includes about $11.8 billion from the Ellison family, $24 billion from Middle East sovereign wealth funds, and backing from RedBird Capital and Affinity Partners, alongside committed bank debt.
- President Trump said the Netflix-Warner deal "could be a problem" and that he will be involved in the review, signaling intensive antitrust and cross-border scrutiny for either path.
- Paramount set a 20-business-day tender window running to Jan. 8, 2026, as shares moved on the news and deal protections loomed, including Netflix’s roughly $5.8 billion reverse breakup fee and a $2.8 billion payment if Warner exits its agreement.