Paramount Skydance Launches $30-a-Share Hostile Tender for Warner Bros. Discovery, Challenging Netflix Deal

Paramount’s all-cash tender at $30 per share values WBD at about $108.4 billion and runs through January 8, 2026, which it says provides roughly $18 billion more in cash than Netflix’s proposal. WBD’s board said it will carefully review the hostile bid within about 10 business days and has not withdrawn its recommendation of the previously approved Netflix agreement. Netflix’s signed transaction covers WBD’s studios and streaming assets at about $27.75 per share (roughly $72 billion equity value, $82.7 billion enterprise value) and includes a $5.8 billion breakup fee, with WBD owing about $2.8 billion if it switches deals. Paramount’s offer seeks the entire company, including Global Networks such as CNN, TBS, HGTV and TNT Sports, while the Netflix deal requires WBD to spin off those cable networks before closing. Paramount says financing is secured with Ellison family equity, RedBird, roughly $54 billion in debt commitments, and non‑voting investments from Middle East sovereign funds and Jared Kushner’s Affinity Partners, as both bids face intensive antitrust and international reviews that President Trump has already flagged.