Paramount has put forward an all-cash offer to acquire Warner Bros. Discovery, positioning its proposal as a direct challenge to Netflix’s earlier bid and an attempt to redirect the company’s sale process. The offer, valued at an estimated $108.4 billion, significantly exceeds Netflix’s $82.7 billion proposal and includes the entirety of WBD’s assets, from Warner Bros. Pictures to its global networks division, which houses CNN, TNT, and TBS. By contrast, Netflix’s structure would involve a mix of cash and stock and exclude certain business units.
In its announcement, Paramount characterized its proposal as more straightforward and financially clearer for shareholders than the Netflix plan. The company argued that a Netflix acquisition would face prolonged regulatory scrutiny across multiple jurisdictions due to the scale of the streaming giant’s global footprint. Paramount contends that its all-cash structure reduces those uncertainties and claims it offers WBD shareholders roughly $18 billion more in cash than Netflix’s consideration.
David Ellison, Paramount’s chairman and CEO, reinforced these points in a public statement, arguing that WBD shareholders should have the opportunity to consider what he views as a more direct, more reliable path to a completed transaction. Paramount also disclosed that it had previously submitted six acquisition proposals to WBD but received little engagement. Ellison’s remarks suggest the company believes the current process has skewed toward Netflix, prompting Paramount to bring its offer directly to shareholders.
The bid is backed by the Ellison family — with support from Oracle co-founder Larry Ellison — as well as RedBird Capital, and financed in part through debt commitments from Bank of America, Citi, and Apollo Global Management. Paramount framed its acquisition rationale around consolidation that would, in its view, support theatrical output, encourage competitive content investment, and stabilize a film industry still adjusting to structural shifts.
The Netflix-WBD proposal faces additional headwinds beyond Paramount’s challenge. SAG-AFTRA raised concerns that the merger would accelerate concentration in the entertainment industry and potentially disadvantage creative workers whose livelihoods rely on stable employment and diversified production ecosystems. The union emphasized that shareholder interests alone cannot define whether such a merger is beneficial for the industry at large.
Political scrutiny is also emerging. President Trump, an ally of Larry Ellison, told reporters he plans to “be involved in the deal,” while also criticizing Paramount following a 60 Minutes interview featuring Rep. Marjorie Taylor Greene. His remarks highlight how major entertainment mergers often become entangled in broader political dynamics, particularly when they involve companies with large media assets and global influence.
As both proposals remain under consideration, the competing bids underscore how rapidly the industry is consolidating and how central legacy studios remain in shaping the future of streaming, theatrical distribution, and global content strategies.
