Paramount Skydance made a $108.4 billion all‑cash hostile takeover offer for all of Warner Bros. Discovery, submitting its bid three days after Netflix announced a deal to buy most of Warner Bros. in a transaction valued at about $82.7 billion.
Paramount Skydance — parent company of CBS News — went directly to Warner Bros. Discovery shareholders with the attempt, saying the Netflix‑Warner deal would combine the No. 1 and No. 3 streamers and create unprecedented market power. Paramount Skydance CEO David Ellison said such a combination would stifle competition, harm Hollywood’s creative community and be bad for consumers.
Netflix co‑CEO Ted Sarandos responded that Netflix has a deal done and is confident it will close. Paramount Skydance’s offer is reported to be funded in part by the Ellison family, Middle Eastern sovereign wealth funds, a Chinese tech company and the private‑equity firm associated with Jared Kushner. Oracle chairman Larry Ellison — a longtime supporter of President Trump — is connected to the Ellison family funding. The president, who recently met with Netflix’s co‑CEO, commented that “none of them are particularly great friends of mine” and said he wants to “do what’s right.”
Journalists and industry observers warned about potential consumer impacts. Puck’s Matt Belloni said a Netflix victory could mean fewer theatrical releases and that either outcome could lead to industry consolidation, reducing choice and potentially raising prices. The Paramount Skydance offer to Warner Bros. Discovery shareholders is set to expire on January 8. Whatever path unfolds, analysts expect major regulatory scrutiny from the Department of Justice and possibly the Federal Trade Commission.