Paramount’s $108.4 Billion Hostile Offer Puts Netflix–Warner Deal in Play

Overview

• Paramount launched a hostile $108.4 billion offer at $30 per share in cash to buy all of Warner Bros. Discovery, including cable channels such as CNN and Discovery.
• Warner had agreed days earlier to sell its studios and streaming assets to Netflix for about $72 billion (enterprise value roughly $82.7 billion) at $27.75 per share in cash and stock.
• Netflix told users there will be no immediate changes and that Netflix and HBO Max will operate separately pending shareholder and regulatory approvals, with Warner planning a cable-network spin‑off under the Netflix deal structure.
• President Donald Trump said he will be involved in reviewing the transaction and warned the combined streaming market share “could be a problem,” as unions and lawmakers voiced antitrust and labor concerns in the U.S. and abroad.
• Deal mechanics raise stakes: G1 reports the Paramount tender expires Jan. 8, 2026, with a $2.8 billion break fee to Netflix if Warner switches, while the Netflix agreement carries a $5.8 billion reverse termination fee if regulators block it.