Paramount Backs $108B Hostile Bid, Raises Offer to $31 per Share
Netflix initially proposed an $82.7 billion all-cash takeover of Warner Bros. Discovery, which the board favored over Paramount’s earlier $30-per-share hostile bid. On Feb. 24, Paramount sweetened its offer to $31 per share and added a $7 billion regulatory termination fee plus a $2.8 billion Netflix breakup fee.
1. Sale Overview
Two major media firms—Netflix and Paramount Skydance—are locked in a bidding war for Warner Bros. Discovery’s portfolio of television, film and streaming assets. Initial offers were submitted in November 2025 by Netflix, Comcast and Paramount, narrowing to a duel between Netflix and Paramount.
2. Netflix’s $82.7B All-Cash Offer
On Jan. 20, Netflix moved to an all-cash structure without raising its price, maintaining an $82.7 billion bid aimed at securing board approval and avoiding financing risk. The offer carried no ticking fees or breakup payments beyond standard regulatory conditions.
3. Paramount’s Revised $108B Hostile Bid
Paramount launched its $108 billion hostile takeover on Dec. 8, 2025, with a $30 per share cash offer backed by Larry Ellison’s guarantee. On Feb. 24, it raised the bid to $31 per share and added a $7 billion regulatory termination fee plus a $2.8 billion breakup fee payable to Netflix.
4. Board Response and Next Steps
After rejecting multiple Paramount proposals and setting a Feb. 23 deadline for best offers, Warner Bros. Discovery’s board on Feb. 24 determined the revised $31-per-share bid could reasonably be expected to be superior. This finding triggers a formal review process and leaves the takeover outcome in flux.