Entertainment News: Paramount Skydance has reignited the battle for control of Warner Bros Discovery, unveiling a hostile takeover bid worth $108.4 billion on Monday in a dramatic attempt to outbid Netflix and reshape the global entertainment industry. The move comes just days after Netflix secured a $72 billion equity deal to acquire Warner Bros Discovery’s film and TV studios along with HBO and its streaming assets.
The Warner Bros Discovery board confirmed that it would review Paramount’s proposal but said it was not withdrawing its earlier recommendation that supported Netflix’s offer. The board advised shareholders to refrain from taking any immediate steps regarding Paramount’s bid.
Paramount’s $30-per-share cash offer is backed by major financial players, including Affinity Partners—run by Jared Kushner, son-in-law of US President Donald Trump—and multiple Middle Eastern sovereign wealth funds. The Ellison family, led by Oracle co-founder Larry Ellison, is also supporting the financing. Ellison reportedly contacted President Trump after the Netflix announcement, warning that the deal could stifle competition.
Paramount argues that its all-cash offer provides shareholders with $18 billion more than Netflix’s bid and presents fewer regulatory hurdles. The company says the merger would strengthen Hollywood, support creatives, and boost consumer choice by expanding competition in the streaming and theatrical landscape. CEO David Ellison said the proposal delivers higher value and “greater regulatory certainty,” positioning the combined entity as a pro-industry alternative to Netflix.
Unlike Netflix’s offer, which focuses on acquiring Warner Bros studios, HBO, and the Max streaming platform, Paramount’s bid seeks control of the company’s entire portfolio, including its cable television networks. Analysts warned that such consolidation could face its own antitrust barriers, particularly after concerns raised by Democratic senators who argued it could give one company overwhelming control of American television.
The proposed deal carries a hefty breakup fee: Warner Bros would owe Netflix $2.8 billion if it switched to Paramount’s offer, while Netflix would pay $5.8 billion if its agreement collapses. Netflix co-CEO Ted Sarandos said he expected Paramount’s counterattack but expressed confidence that his company would ultimately close the deal. He dismissed claims of synergies promised by Paramount and argued that such efficiencies often translate into job losses—an accusation Paramount denies.
Political reactions have been sharp. Senator Elizabeth Warren called the Paramount bid a “five-alarm antitrust fire,” raising concerns about national security risks and political influence tied to Kushner and major Gulf investors. President Trump, meanwhile, said he wanted to ensure fairness in the process and had not discussed the matter with Kushner.
Market reactions reflected the uncertainty of the escalating takeover drama. Shares of Paramount jumped more than seven percent, Warner Bros Discovery gained over five percent, and Netflix slid four percent as investors assessed the shifting landscape.
The takeover battle has now entered a prolonged phase. Paramount claims it submitted six proposals over the last three months but that Warner Bros refused meaningful engagement, instead favoring Netflix. Reports suggested Warner Bros executives privately referred to the Netflix offer as a “slam dunk.”
Analysts say the fight is far from over, with both companies preparing to lobby shareholders, regulators, and political leaders in what is shaping up to be one of the most consequential media battles in decades.
