In a move that’s shaking up Hollywood’s already chaotic merger season, Paramount has launched a hostile takeover bid worth roughly $74 billion in a bold attempt to derail Netflix’s planned acquisition of Warner Bros. Discovery (WBD) — a deal that was announced barely a week earlier.
Paramount’s offer, which comes in at $30 per share in cash, was delivered directly to Warner Bros. Discovery shareholders after the company said it could no longer wait for WBD’s board to reconsider its position. The aggressive approach signals one thing very clearly: Paramount is determined not to let Netflix walk away with one of the world’s most valuable entertainment libraries without a fight.
What makes this even more dramatic is the timing. Netflix had already revealed a sprawling agreement to purchase Warner Bros. for about $72 billion in equity value — or around $82.7 billion when counting enterprise value. It was historic on its own: the first time a major streaming giant would acquire a century-old Hollywood studio.
Paramount’s counteroffer isn’t just larger — it’s structured to look cleaner. It’s all cash, avoiding the stock-based elements of Netflix’s proposal, and it includes cable networks and assets that Netflix had left out of its package. In simple terms, Paramount is telling shareholders: you’ll get more money, with fewer headaches.
The rivalry has now ballooned into a three-way feud involving not just corporate executives but also regulators and lawmakers who are circling the situation with growing concern. Folding Warner Bros. into Netflix would create a powerhouse with unmatched streaming dominance, while a Paramount–WBD combination would consolidate two legacy entertainment empires — either path raising serious antitrust questions.
People close to the negotiations say WBD’s board is under intense pressure. The studio has struggled with debt, declining cable revenues, and the high costs of streaming — making a lucrative buyout tempting but politically risky.
And then there’s the public narrative. Paramount recently accused WBD of “cheating” shareholders by favoring Netflix’s offer, a claim that instantly triggered headlines and fueled speculation that the companies’ executives were heading toward a full-blown corporate war.
For now, everything hinges on how WBD shareholders respond. Paramount’s offer is richer. Netflix’s deal is more disruptive — but potentially more transformative. And Hollywood? It’s watching all of this like it’s the season finale of its own streaming drama.
