New York, December 10, 2025
Paramount Global has launched a hostile all-cash bid to acquire Warner Bros. Discovery (WBD), offering $30 per share in a deal valued at approximately $108 billion. This competing takeover move aims to provide WBD shareholders with greater immediate financial value and a more certain transaction than the existing Netflix proposal.
Details of Paramount’s Offer
Paramount’s offer stands at $30 per share in cash, presenting shareholders with about $18 billion more in immediate cash than Netflix’s competing stock-based bid. The all-cash structure is positioned as a faster, more definitive path to closing, contrasting with the uncertainty tied to Netflix’s equity deal. Paramount emphasizes that this premium cash consideration enhances shareholder value significantly.
Criticism of Warner Bros. Discovery’s Netflix Deal
Paramount has publicly questioned the soundness of WBD’s board’s support for the Netflix proposal. Paramount argues that the current Netflix offer overvalues WBD’s Global Networks segment, labeling the valuation as illusory. They point to excessive financial leverage and weak business fundamentals underpinning that segment as major concerns. Paramount suggests that these factors undermine the sustainability and financial logic of the Netflix deal.
Strategic Vision for the Combined Company
Paramount outlines a strategic roadmap for the merged entity focused on reinvesting heavily in the creative studios of both companies. This plan includes maintaining robust theatrical movie slates and emphasizing high-quality content production. The combined company would emerge as a scaled Hollywood power player supporting theatrical releases more strongly than its competitors. Furthermore, Paramount intends to build a compelling direct-to-consumer (DTC) platform with a clear path to profitable growth, leveraging the scale and resources of both legacy companies.
Role of Affinity Partners and Jared Kushner
An important element of Paramount’s bid is the backing of Affinity Partners, a private equity firm led by Jared Kushner. Affinity’s involvement brings additional capital strength and strategic acumen, which may play a role in navigating regulatory hurdles. Affinity’s history with major acquisitions and participation of international sovereign wealth funds in the consortium, albeit without governance roles, adds further complexity and financial heft to the offer.
Competitive Acquisition Landscape and Future Outlook
This hostile bid intensifies the competition for Warner Bros. Discovery, which is already negotiating with Netflix. Paramount’s move signals a rare escalation in the media merger landscape, emphasizing the importance of swift execution and clear shareholder value. The bet on cash versus stock consideration reflects broader market preferences amidst volatility. How regulators respond to this high-profile contest remains a crucial factor going forward, especially given the involvement of politically connected investors and the size of the transaction.
Paramount’s aggressive offer aims not only to secure a leading position in the global entertainment industry but also to provide shareholders of Warner Bros. Discovery with a more attractive and certain alternative to the prevailing Netflix proposal, reshaping the competitive dynamics of the media and streaming sectors.