Paramount launched an all-cash tender offer on Monday to acquire Warner Bros. Discovery for $30 per share. The move directly challenges a previously announced deal between Warner Bros. Discovery (WBD) and Netflix. This sets up a fierce battle between Paramount and Netflix for one of Hollywood’s most iconic studios.
Read More: Netflix to acquire Warner Bros Discovery for $72bn
Paramount is led by CEO David Ellison, whose father, Larry Ellison, is a well-known ally of former US President Donald Trump. The company has made six offers for Warner Bros. since the bidding war began, signaling its determination to secure the deal. Ellison told CNBC, “We’re really here to finish what we started,” emphasizing Paramount’s commitment to acquiring the studio.
Paramount has launched a hostile bid for Warner bros
The Ellisons are launching a $30/share tender offer pic.twitter.com/IZ7UKgDUA5
— Wall Street Rollup (@WallStRollup) December 8, 2025
Paramount just dropped a full-blown hostile bid for Warner Bros, a massive $108B all-cash offer meant to shut down Netflix’s $72.5B move.
David Ellison is skipping the board entirely and taking the fight straight to the shareholders.
With HBO Max and a century-old studio at… pic.twitter.com/6JdP9tpPKl
— Digital Gal (@DigitalGalX) December 8, 2025
Netflix surprised the entertainment industry last week by announcing it had reached an agreement to buy Warner Bros. Discovery. The announcement drew concern from Hollywood insiders worried about the impact on competition and the future of film and television production. The streaming giant would gain significant control over both movie and television content if the deal goes through.
Trump commented on Sunday that Netflix’s potential acquisition “could be a problem” due to the large market share it would command in the industry. Analysts predict the bidding war could intensify, potentially driving up the price and reshaping the dynamics of Hollywood mergers and acquisitions.
The Paramount offer comes amid growing competition in the global streaming and studio market, where content ownership is increasingly tied to subscriber growth and production dominance. Industry observers note that the outcome of this battle could influence both traditional studios and streaming platforms for years to come.
Read More: Streaming giant Netflix goes all-in for Warner Bros
The acquisition fight highlights the high stakes in Hollywood’s evolving landscape, where strategic acquisitions are seen as crucial for securing market position and content libraries in an increasingly crowded media environment. Paramount and Netflix now face a critical showdown over the future of Warner Bros. Discovery.