Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
The move, announced Monday (8 December), aims to derail Netflix’s agreement for Warner Bros’ TV, film and streaming businesses, including HBO and DC Comics, and revive Paramount’s effort to build a media powerhouse capable of challenging the streaming leader.
Netflix’s winning offer includes a $5.8 billion break-up fee and is expected to face intense antitrust scrutiny.
U.S. President Donald Trump questioned the deal over the weekend, and bipartisan lawmakers along with Hollywood unions have criticized it over potential job cuts and price hikes for consumers.
Paramount’s counteroffer is also likely to draw regulatory attention. A merger with Warner Bros would significantly expand its footprint in the studio sector, amplifying concerns about consolidation and employment losses.
Reportedly, Paramount had already increased its bid to $30 per share last week, but Warner Bros’ board raised doubts about the financing. Paramount later accused the company of abandoning a fair bidding process in favor of Netflix, citing reports that management had called the Netflix offer a “slam dunk.”
“The acquisition is far from over. Netflix is in the driver’s seat but there will be twists and turns before the finish line,” said Ross Benes, senior analyst at Emarketer.
“Paramount will appeal to shareholders, regulators and politicians to try to stymie Netflix,” Benes concluded.
Meanwhile, in a Monday interview, Paramount CEO David Ellison said the process reflected an “inherent bias” against his company.
Backed by his father, Oracle co-founder Larry Ellison — who has close ties to the Trump administration — Ellison is seen by some analysts as a strong contender to acquire Warner Bros.
Additionally, Trump met Netflix co-CEO Ted Sarandos in mid-November and urged him to ensure Warner Bros sells to the highest bidder, according to Bloomberg.
Analysts say Netflix’s motivation for the takeover lies in securing long-term control of WBD’s vast intellectual property, reducing reliance on external studios, and accelerating its push into gaming, live entertainment and broader consumer ecosystems.
Morningstar warned that a merger could limit revenue growth unless Netflix increases prices sharply or continues running separate platforms.
Sarandos has said the deal would create value for consumers and talent and that Netflix is “highly confident” in the regulatory process.
Paramount, one of Hollywood’s legacy studios, has struggled with inconsistent box-office performance as rivals Disney, Universal and Warner Bros have pulled ahead in U.S. market share.
The company has submitted multiple offers since September to create a rival entertainment powerhouse, but each one has been rejected.
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