Overview
- Paramount’s all-cash offer values Warner Bros. Discovery at $108.4 billion and targets the entire company, countering Netflix’s $72 billion cash‑and‑stock agreement for the studio and streaming assets.
- The tender goes directly to shareholders at $30 per share with a stated deadline of January 8, 2026, shifting the contest from a board auction to an investor vote.
- Paramount disclosed financing that includes equity backstopped by the Ellison family and RedBird Capital, roughly $54 billion in committed debt from Bank of America, Citi, and Apollo, and participation by Middle East sovereign funds and Affinity Partners with non‑voting terms.
- Warner Bros. Discovery said it will carefully review Paramount’s bid without changing its board’s support for the Netflix deal, which carries a $5.8 billion breakup fee and would reportedly require Warner to pay Netflix about $2.8 billion if it walks away.
- Both pathways face extensive antitrust review, with President Trump saying the Netflix transaction could be a problem and unions and lawmakers warning about concentration and labor impacts.