In a dramatic escalation of the streaming wars, Paramount Skydance has launched a direct counter-offer to acquire Warner Bros Discovery, challenging Netflix’s previously announced bid. Backed by the billionaire Ellison family, Paramount is proposing a $30-per-share cash offer directly to shareholders, valuing the entire company at approximately $108.4 billion.
The move positions Paramount’s proposal as a ‘superior alternative’ to Netflix’s $83 billion offer, which specifically targets Warner’s studio assets and streaming networks including HBO. Paramount emphasizes that its bid delivers more immediate cash to shareholders and presents a clearer path to regulatory approval—a significant consideration given growing antitrust concerns.
Political dimensions entered the corporate battle as President Donald Trump expressed reservations about Netflix’s potential acquisition, stating ‘there could be a problem’ with competition implications. Paramount CEO David Ellison amplified these concerns in a CNBC interview, characterizing Netflix’s bid as ‘anti-competitive’ and warning that it would grant the streaming giant excessive control over industry talent and distribution channels.
‘It’s a horrible deal for Hollywood,’ Ellison asserted, revealing he has held ‘great conversations’ with Trump regarding competition policy. The Paramount executive simultaneously criticized Warner’s planned spin-off of non-core assets as part of the Netflix deal, predicting the separated entities would struggle independently and diminish shareholder value.
Despite both Netflix and Warner Bros Discovery boards endorsing the original acquisition framework on Friday, Paramount’s aggressive counterbid—coupled with regulatory headwinds—introduces substantial uncertainty into what would represent one of the largest media consolidations in history.