Paramount has escalated its battle for control of Warner Bros Discovery, launching a hostile takeover attempt that positions the company squarely against Netflix’s recently unveiled $72 billion acquisition agreement.
Sources told Gist Lord that on Monday, Paramount bypassed formal negotiations and took its offer straight to Warner Bros Discovery shareholders. The company is offering $30 per share in cash for the entire entertainment group, including its Global Networks division.
This aggressive move marks a significant shift from last week, when Paramount publicly urged shareholders to vote down Warner’s deal with Netflix. Warner Bros Discovery had previously rejected the same $30-per-share proposal in favour of Netflix’s more complex cash-and-stock arrangement—a choice that, if finalized, would dramatically reshape the U.S. media landscape.
Paramount’s Chairman and CEO, David Ellison, sharply criticised the Netflix agreement, arguing that it leaves Warner Bros Discovery investors vulnerable to a long, complicated regulatory approval process that spans several jurisdictions. He added that the mix of stock and cash contained in Netflix’s offer adds additional uncertainty for shareholders.
Ellison revealed that Paramount has submitted six separate proposals to Warner Bros Discovery over the past three months. He insists the company’s current bid is not only more secure but better aligned with the long-term health of the entertainment industry.
“We believe our offer will build a more resilient Hollywood,” Ellison said. “It supports creators, audiences, and theatres alike. Our plan increases competition, boosts investment in content, and expands the number of films released in cinemas—outcomes that benefit the entire ecosystem.”
Netflix, meanwhile, surged ahead on December 6, 2025, finalizing its agreement to acquire Warner Bros Discovery, the powerhouse behind franchises like Harry Potter and streaming giant HBO Max. Netflix’s package, valued at $27.75 per share, sets Warner’s enterprise value at roughly $82.7 billion, debt included. The deal is expected to close within 12 to 18 months, pending the spinoff of Warner’s cable networks—including CNN and Discovery—which are excluded from the sale.
The proposed merging of two of the world’s largest entertainment entities has already captured political attention. U.S. President Donald Trump commented that Netflix’s attempt to acquire Warner Bros Discovery “could be a problem,” citing the massive market influence the combined companies would hold. He added that he intends to play a direct role in determining whether the federal government should approve the transaction.
As the battle intensifies, industry observers warn that Paramount’s hostile bid could trigger a fierce bidding war—one that may reshape Hollywood for years to come.
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