Overview
- Paramount Skydance announced a hostile offer valuing Warner Bros. Discovery between roughly $103 billion and $108.4 billion, described as all-cash and for the entire company including major TV networks.
- Netflix previously revealed an approximately $82.7–83 billion agreement to acquire key WBD assets such as the Warner Bros. studio and HBO/HBO Max, with no transaction yet closed.
- A consumer antitrust lawsuit filed in the U.S. District Court for the Northern District of California (case 5:25-cv-10521) seeks to block Netflix’s deal, alleging harm to competition.
- Netflix co-CEO Ted Sarandos said the company is committed to theatrical releases and argued the acquisition would maintain Warner Bros.’ big-screen distribution value.
- Investor and reputational crosscurrents intensified as WBD shares rose over 7 percent and Netflix fell more than 3 percent after the rival bid, Paramount Pictures’ X account was briefly altered in an apparent hack, and reported financing backers for the Paramount Skydance bid include the Ellison family, Gulf investors, and Affinity Partners.