The fight to control one of the world’s most valuable entertainment empires is intensifying. Paramount Skydance Corp. has once again doubled down on its $30-per-share all-cash offer to acquire Warner Bros. Discovery (WBD), calling it the most valuable and certain deal available to shareholders as rival suitor Netflix moves forward with its own competing transaction.
With Warner Bros. Discovery sitting at the center of Hollywood’s content ecosystem, this takeover contest is not merely about money — it is about who will shape the future of global film, television, and streaming in the decade ahead.
Paramount’s renewed push has turned the spotlight on deal structure, shareholder value, regulatory risk, and long-term strategy, creating one of the most closely watched media takeovers in years.
What Paramount Is Offering: $30 Per Share in Cash
Paramount’s proposal is straightforward: $30 in cash for every Warner Bros. Discovery share, valuing the company at approximately $108.4 billion.
This is a full-company acquisition, meaning Paramount would buy:
- Warner Bros. Studios
- HBO and Max streaming services
- Discovery networks
- CNN
- Global TV channels
- Film franchises
- Intellectual property libraries
In contrast to Netflix’s partial-asset structure, Paramount is seeking to acquire the entire Warner Bros. Discovery enterprise, giving shareholders a clean and complete exit.
According to Paramount executives, this approach offers three key advantages:
- Immediate liquidity – Shareholders receive cash, not stock or future promises
- Price certainty – $30 is fixed and not tied to market volatility
- No asset carve-outs – Investors get paid for the full value of WBD
Paramount argues that its bid provides clarity, transparency, and financial security at a time when global markets remain volatile.
How Paramount Secured Financing
One of Warner’s biggest objections to Paramount’s earlier proposal was financing risk. Paramount has responded aggressively.
To strengthen the bid, Paramount has secured:
- A personal equity guarantee from Oracle co-founder Larry Ellison
- Tens of billions of dollars in committed debt financing from international banks
- A deal structure designed to survive market turbulence
By adding Ellison’s personal backing, Paramount aims to remove any doubt about its ability to close the transaction. Company executives say this makes their offer financially bulletproof.
Paramount insists this eliminates the key risk Warner’s board cited in rejecting the deal.
Why Paramount Says Netflix’s Offer Falls Short
Netflix’s proposal reportedly values parts of Warner Bros. Discovery at roughly $27.75 per share, using a mix of cash, stock, and asset restructuring. Paramount argues that this deal looks weaker when examined closely.
1. Stock Risk
Netflix’s offer includes equity. That means the final value depends on Netflix’s stock price — which can rise or fall. Paramount’s $30 is guaranteed in cash.
2. Partial Acquisition
Netflix is not buying everything. It is focused on Warner’s studios and streaming business while excluding cable networks such as CNN, Discovery, and international channels.
Paramount argues shareholders deserve full value for all assets, not just selected ones.
3. Deal Complexity
Netflix’s structure involves spinoffs, asset transfers, and regulatory approvals that could take years to finalize. Paramount says its full-company buyout is cleaner and faster.
4. Regulatory Concerns
Netflix merging two massive streaming platforms could raise antitrust alarms in the U.S. and Europe. Paramount claims its structure avoids that overlap.
Warner Bros. Discovery Board Pushes Back
Despite Paramount’s aggressive campaign, Warner Bros. Discovery’s board has repeatedly rejected the offer.
In formal statements, the board argues that:
- Paramount’s deal relies heavily on debt
- The combined company could be burdened by high leverage
- A failed Paramount deal could expose Warner to costly penalties
- Netflix provides a more stable corporate partner
Warner’s leadership believes Netflix’s balance sheet and operational scale make its deal more reliable, even if the headline price is lower.
The board has urged shareholders not to tender shares into Paramount’s offer and to remain committed to the Netflix agreement.
Shareholders Are Deeply Divided
Warner Bros. Discovery investors are split into two camps.
Supporters of Paramount say:
- $30 in cash is higher than Netflix’s offer
- Cash removes market risk
- The full-company valuation is fairer
- Warner’s board should negotiate harder
Supporters of Netflix say:
- Execution certainty matters more than price
- Netflix has a cleaner balance sheet
- Less debt reduces long-term risk
- The streaming giant has global reach
Some institutional investors have publicly urged Warner’s board to reopen talks with Paramount, arguing that rejecting a higher offer outright may violate shareholder interests.
Others prefer the stability Netflix provides, even at a slightly lower price.
The Regulatory Battlefield
Any deal involving Warner Bros. Discovery will face intense scrutiny.
Global regulators are watching closely because Warner controls:
- Major film studios
- One of the world’s largest streaming platforms
- International news networks
- A massive archive of intellectual property
Netflix’s bid could be challenged because it would merge two dominant streaming platforms, potentially reducing consumer choice.
Paramount argues its offer is less threatening to competition because it does not combine two streaming giants in the same way.
However, regulators in the U.S., EU, and Asia are expected to review both deals carefully.
Why This Deal Matters to Hollywood
Warner Bros. Discovery owns some of the most valuable franchises in entertainment:
- DC Comics
- Harry Potter
- Game of Thrones
- Discovery Channel
- CNN
- HBO Originals
Whoever controls Warner will have enormous power over:
- Global streaming
- Film production
- TV distribution
- Advertising
- News and documentaries
This is why the stakes are so high.
Paramount wants to build a massive content empire combining its own assets with Warner’s. Netflix wants to integrate Warner’s franchises into its global streaming platform.
Two visions are colliding — one built on traditional studios and networks, the other on digital-first streaming dominance.
What Happens Next
Paramount’s tender offer is set to expire in mid-January. If enough shareholders tender their shares, Paramount could force Warner into negotiations.
Warner’s board continues to urge investors to reject the offer and stick with Netflix.
Meanwhile, Paramount has hinted it could extend the deadline or sweeten the deal if necessary.
This standoff is far from over.
The Bigger Picture
This takeover battle reflects a larger truth about the media industry:
Content is king — and the war for content has never been more intense.
Streaming platforms, traditional studios, and tech companies are all fighting for control of premium franchises. Whoever wins Warner Bros. Discovery gains a commanding position in global entertainment.
For shareholders, the choice comes down to:
- Higher immediate cash (Paramount)
- Or long-term stability (Netflix)
For Hollywood, it could redefine how movies, TV shows, and streaming platforms are owned and operated for decades.
One thing is certain:
The Paramount vs Netflix fight for Warner Bros. Discovery is shaping up to be one of the biggest media battles in modern history.