Paramount is making a surprise play to acquire Warner Bros.Discovery. Netflix was the highest bidder for the acquisition so far, and a deal had even been negotiated when the hostile bid appeared. Here’s how the new bid has changed the trajectory of the takeover and how Trump has emerged as a key player in the same.
Paramount entered the bidding wars with a deal that nobody could have predicted. They agreed to offer Warner Bros $30 per share compared to Netflix’s $27.75 per share offer.
Paramount is now reportedly looking to launch a hostile bid for Warner Bros
They feel their $30 a share all-cash offer is higher than what Netflix offered — in terms of cash, stock and the value of the cable business spinoff
(via @CGasparino) pic.twitter.com/Vc3Yupvbkf
— Culture Crave 🍿 (@CultureCrave) December 5, 2025
A federal filing shows Paramount’s bid is backed by funds from Saudi Arabia, Qatar, and the United Arab Emirates. Trump’s son-in-law, Jared Kushner’s investment firm, Affinity Partners, is partly funding the bid as well, according to a report by NBC News.
Netflix had offered to buy a major part of Warner Bros. Discovery’s studio and streaming assets. Their deal did not include the takeover of the cable channels CNN and TNT. The deal is already in its final stages, the Warner Bros. Discovery’s board of directors has already greenlit it.
Paramount bypassed the board and went straight to shareholders. Paramount noted how their offer “provides a superior alternative to the Netflix transaction” to the Warner Bros. shareholders.
David Ellison, a close friend of President Trump and CEO of Paramount, called it a ‘superior all-cash offer.’ He also claimed that the public offer would be of superior value and provide a “more certain and quicker path to completion.”
Ted Sarandos, who serves as the Netflix co-CEO, has previously confidently spoken about the deal and its success. “Today’s move was entirely expected,” he noted while talking about the bid Paramount has placed. He also added how the Netflix-Warner Bros. deal is essentially “done” and how happy he is with it.
Sarandos emphasized how Netflix taking over Warner Bros would help to “create and protect jobs” in the entertainment industry. He also expressed a great deal of confidence in the deal by saying that he was “super confident” about it.
The Battle for Warner Bros.
A side-by-side comparison of Netflix’s and Paramount’s vying bids
Paramount Skydance Corp. launched a hostile takeover bid for Warner Bros. Discovery Inc. at $30 a share in cash, valuing Warner Bros. at $108.4 billion, including debt.
Paramount has… pic.twitter.com/q47zWyNyLi
— Kruti Shah (@_ShahKruti) December 9, 2025
Warner Bros. Discovery’s board released a statement after receiving Paramount’s bid and said it “will carefully review and consider” it. Trump has also hinted at intervening in the deal if the need be.
The President spoke about how Netflix’s bidding for Warner Bros could lead to an antitrust “problem.” He spoke about how he would be “involved” in the deal going forward. If Trump has any sway over the decision, it’s safe to say that Paramount has already won the bid.
