Paramount has issued a hostile offer, meaning going directly to the shareholders, for Warner Bros. Discovery, coming after Netflix announced on Friday that it had entered into a definitive agreement with the entertainment giant to acquire Warner Bros, including HBO and its studios, for $82.7 billion.
Paramount said in a statement on Monday, "The Paramount offer for the entirety of WBD provides shareholders $18 billion more in cash than the Netflix consideration. WBD’s Board of Directors recommendation of the Netflix transaction over Paramount’s offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity."
The $30-per-share offer would equate to $108.4 billion, "which represents a 139% premium to the undisturbed WBD stock price of $12.54 as of September 10, 2025." Paramount said that Netflix’s "creates a clear risk of higher prices for consumers, lower pay for content creators and talent and the destruction of American and international theatrical exhibitors. Netflix has never undertaken large-scale acquisitions, resulting in increased execution risk which WBD shareholders would have to endure."