Overview
- Paramount’s tender offers $30 per share in cash for the entire company, valuing WBD at about $108.4 billion and going directly to shareholders after the board backed Netflix.
- The company argues its proposal delivers roughly $18 billion more cash with greater certainty of closing, citing equity from the Ellison family, support from RedBird Capital, and fully committed bank financing from firms including Bank of America, Citi and Apollo.
- Netflix’s definitive agreement is valued at $27.75 per WBD share for the studios and streaming assets including HBO/HBO Max, includes an approximately $5.8 billion breakup fee, and depends on a 2026 spinoff of WBD’s cable networks.
- Both pathways face intensive antitrust scrutiny in the U.S. and abroad as President Trump said the Netflix deal “could be a problem,” with bipartisan lawmakers and Hollywood unions warning of consolidation and job impacts.
- Paramount’s tender expires Jan. 8, 2026 unless extended, and initial trading saw WBD and Paramount shares rise about 5%–7% while Netflix slipped.