Paramount Skydance launches hostile $108.4 billion bid, derails Warner Bros–Netflix deal

In a dramatic escalation of Hollywood’s biggest takeover battle in years, Paramount Skydance on Monday launched a hostile $108.4 billion bid for Warner Bros Discovery, disrupting what appeared to be a near-final agreement between Warner Bros and Netflix.

The aggressive move seeks to forge a new media superpower capable of competing with global streaming giants, even as the deal faces the likelihood of intense antitrust scrutiny in the US.

The latest offer follows a multi-week contest that pitted Netflix, Paramount, and Comcast against one another for control of Warner Bros Discovery’s film studio, television networks, and streaming businesses.

On Friday, Netflix appeared on the verge of closing a $72 billion equity deal, which would have given it control of some of Hollywood’s most valuable assets, including Warner Bros Pictures, HBO, and Discovery’s global TV portfolio.

Paramount’s new all-cash offer — $82.7 billion including debt — not only tops Netflix’s valuation but also carries a $5.8 billion break-up fee payable to Netflix should Warner Bros walk away from the earlier agreement. Paramount’s bid values Warner Bros Discovery at $30 per share, surpassing Netflix’s nearly $28 per share offer.

Paramount Accuses Warner Bros of Tilting the Sale Process

Paramount has attempted multiple times since September to secure a deal, but its proposals were repeatedly rejected. In a sharply worded letter sent to Warner Bros Discovery, the company alleged the sale process was unfairly structured:

“The company has abandoned a fair bidding process and predetermined Netflix as the winner,” Paramount wrote.

Reports surfaced last week that Warner Bros executives internally described the Netflix agreement as a “slam dunk,” while speaking dismissively about Paramount’s offer — prompting fresh questions about whether all bidders were given equal consideration.

The takeover tussle has drawn political attention, with US President Donald Trump signaling concerns over consolidation in the entertainment and streaming markets. On Sunday, Trump said a Netflix–Warner Bros combination could “raise market share concerns” and indicated he “would have a say on the deal.”

According to Bloomberg, Trump met Netflix co-CEO Ted Sarandos in mid-November and told him that Warner Bros should be sold to the highest bidder — a remark viewed by some insiders as a nod toward Paramount’s deeper financial backing.

Industry analysts say Paramount Skydance remains a strong contender due to the financial resources of Skydance founder David Ellison — supported by his father, Oracle co-founder Larry Ellison, currently the world’s second-richest individual. The Ellison family’s proximity to the Trump administration is also seen as potentially influential in navigating regulatory hurdles.

Paramount, one of Hollywood’s oldest studios, has experienced uneven performance over the past decade — delivering occasional blockbuster successes but often trailing rivals such as Disney, Universal, and Warner Bros in box-office rankings. The acquisition of Warner Bros Discovery would dramatically expand its content library, international reach, and streaming scale.

With the bidding war now fully public and political scrutiny intensifying, the future of Warner Bros Discovery has become one of the most consequential questions facing the global entertainment industry. All eyes will be on regulatory agencies — and the White House — as the battle for Hollywood’s crown jewel continues.