Paramount has stunned Hollywood with a hostile, all‑cash offer to buy Warner Bros. Discovery outright for about 108.4 billion dollars, topping Netflix’s already splashy takeover agreement. The proposal, disclosed in SEC filings and a tender‑offer announcement, would pay 30 dollars per share in cash, roughly a 139% premium to where Warner Bros. Discovery traded before sale talks heated up and several dollars per share higher than Netflix’s mixed cash‑and‑stock offer.

How Paramount’s Bid Beats Netflix’s

Netflix’s deal focuses on acquiring the core Warner assets—Warner Bros. studio, HBO and the Max streaming service—for a valuation in the low‑80‑billion‑dollar range, compensated partly in Netflix stock. Paramount Skydance, by contrast, is offering all cash for the entire company, valuing Warner Bros. Discovery—including its cable brands like CNN and Discovery—at about 108–109 billion dollars. CEO David Ellison is pitching the bid as “superior” because it gives shareholders a higher headline price, avoids stock‑price risk and comes with committed financing lines from banks and investment partners.

The Regulatory Chess Match

Both deals would face intense antitrust scrutiny, but the risk profiles differ. A Netflix–Warner tie‑up would marry the world’s largest subscription streamer with one of its biggest rivals, a combination analysts say could draw especially tough questions from U.S. and EU regulators about market dominance in streaming. Paramount is arguing that merging two diversified legacy media groups—Paramount Global and Warner Bros. Discovery—creates a stronger competitor to Netflix, Disney and Amazon rather than a streaming near‑monopoly, and therefore should be easier to clear.

What a Paramount–Warner Giant Would Look Like

If Paramount wins, it would control a vast portfolio: Warner Bros. and Paramount Pictures, HBO and Max alongside Paramount+, DC and Harry Potter next to Mission: Impossible and Top Gun, plus global news and lifestyle networks from CNN to Discovery. In pitch materials, Paramount has pledged to keep a robust theatrical pipeline of 30+ films per year from the combined studios while using the enlarged library and sports rights to turbo‑charge streaming growth.

What Happens Next

Warner Bros. Discovery’s board, which has already endorsed Netflix’s agreement, must now evaluate whether Paramount’s richer all‑cash offer is worth triggering a sizeable breakup fee and resetting the regulatory process. Shareholders will ultimately decide between a higher but potentially more complex studio‑merger path and a slightly lower, tech‑powered streaming combo with Netflix. Whatever the outcome, Paramount’s 108‑billion‑dollar cash swing has turned an already historic sale into one of the most dramatic bidding wars Hollywood has ever seen.