Paramount Launches a $108.4 Billion Hostile Bid for Warner Bros Against Netflix’s $72 Billion Deal

By Benadeta Mwaura - Reporter

8 December 2025 - Less than a week after Netflix struck a headline‑grabbing agreement to acquire Warner Bros. Discovery’s streaming and studio assets for US $72 billion, the plot has thickened: Paramount Skydance on Monday launched a hostile all‑cash bid worth US $108.4 billion for the entire company, a move that throws the future of the deal into uncertainty and triggers a ferocious battle for control.

At $30 per share, Paramount is offering shareholders a 139% premium over Warner Bros. Discovery’s undisturbed stock price, and claims its proposal is “superior”, offering more cash, greater certainty, and quicker regulatory resolution compared to Netflix’s mixed cash‑and‑stock offer.

Paramount Chairman and CEO David Ellison said in a statement: “We believe our offer will create a stronger Hollywood.” The company argues the merger would benefit shareholders, the creative community, cinema exhibitors, and ultimately consumers, by preserving competition, investing in content, and bolstering theatres.

Netflix’s prior deal would have granted it control over Warner Bros.’ film and TV studios, its streaming platform, and marquee properties like DC Comics, HBO, and major franchises.

But Paramount’s challenge complicates the path forward.

The all‑cash bid could sway Warner Bros. Discovery shareholders to reconsider. Because Paramount aims for the entire company, including legacy cable networks and news assets that Netflix excluded, the outcome could rewrite assumptions about streaming dominance, content consolidation, and the balance between subscription platforms and traditional media.

For Netflix, the risk is real: if Paramount succeeds, the streamer may lose out on one of the most consequential acquisitions in entertainment history. If shareholders side with Paramount, Netflix may end up empty-handed, or pay a steep breakup fee.

Paramount’s offer runs until early January 2026. Shareholders must decide whether to accept the all-cash tender, and the size of the premium could heavily influence the vote.

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However, a merger between Paramount and Warner Bros. Discovery would combine two major media operators, raising antitrust concerns. Regulators will examine potential impacts on competition, market dominance, and media consolidation.

It is good to note that, the strategic direction of Warner Bros. Discovery could shift depending on the winning bidder.

Key questions include whether streaming growth, theatrical releases, or cable networks will take priority.

Finally, the outcome of the bidding war may affect subscription rates, content licensing, and the availability of popular films and series in global markets, including Kenya and the wider African region.

We previously covered Netflix’s deal with Warner, a game‑changer in global content distribution. Now, with Paramount’s bid, the story is far from over.

The outcome could reshape not just Hollywood, but what content reaches Africa, on what platforms, and at what price. For African viewers, creators, and local producers, this contest may redefine access, regional licensing, and even global representation in media.