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Paramount, a Skydance Corporation, announced Monday it has launched an all-cash tender offer to acquire the outstanding shares of Warner Bros. Discovery for $30.00 per share in cash, with the company suggesting it’s a “superior” offer than the recently announced Netflix deal.
Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment that includes CNN and other cable assets. This comes after Netflix agreed to acquire Warner Bros. Discovery’s film and television studios and streaming platform, HBO Max, in a cash-and-stock deal valued at $27.75 per Warner Bros. Discovery share.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion,” Paramount CEO David Ellison said.
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“We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process,” Ellison continued. “We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximize the value of their shares.”
In a press release, Paramount said its “proposal is more compelling to WBD shareholders on several fronts” including the price, structure and regulatory certainty.
“An all-cash offer at $30.00 per share, equating to an enterprise value of $108.4 billion, which represents a 139% premium to the undisturbed WBD stock price of $12.54 as of September 10, 2025. In contrast, the Netflix proposal entails a volatile and complex structure valued at $27.75 mix of cash ($23.25) and stock ($4.50), subject to collar and the future performance of Netflix, equating to an enterprise value of $82.7 billion,” the release states.
The Paramount proposal is for all of Warner Bros. Discovery, whereas the Netflix agreement leaves behind cable assets that include CNN.
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“Paramount is highly confident in achieving expeditious regulatory clearance for its proposed offer, as it enhances competition and is pro-consumer, while creating a strong champion for creative talent and consumer choice,” the release stated. “In contrast, the Netflix transaction is predicated on the unrealistic assumption that its anticompetitive combination with WBD, which would entrench its monopoly with a 43% share of global Subscription Video on Demand (SVOD) subscribers, could withstand multiple protracted regulatory challenges across the world.”
Paramount accused Warner Bros. Discovery of failing to engage with six proposals over the course of 12 weeks, which Ellison believes delivers the best outcome for shareholders.
“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry. We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction. We look forward to working to expeditiously deliver this opportunity so that all stakeholders can begin to capitalize on the benefits of the combined company,” Ellison said.
Warner Bros. Discovery and Netflix did not immediately respond to requests for comment from Fox News Digital.
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Paramount’s tender offer, which was approved unanimously by its Board of Directors, is scheduled to expire at 5 p.m. ET on Jan. 8, unless the offer is extended. FOX Business’ Charlie Gasparino previously reported the possibility of a hostile bid as Ellison accused Warner of running an unfair process.
“It has become increasingly clear, through media reporting and otherwise, that WBD appears to have abandoned the semblance and reality of a fair transaction process, thereby abdicating its duties to stockholders,” Paramount’s attorneys at Quinn Emanuel wrote to the head of Warner, according to copies obtained by several outlets.
Fox News Digital’s Daniella Genovese contributed to this report.
