On Wednesday, Warner Bros Discovery announced plans to take over Paramount Skydance with a $108.4 billion bid. However, the board advised shareholders to vote against the offer.
The announcement comes amid renewed contracts with Netflix and intensifying competition for media assets. The acquisition would include Warner Bros’ film and TV studio, its extensive film library, and popular properties such as Harry Potter, Friends, and classic films like Casablanca and Citizen Kane. It also covers HBO and the HBO Max streaming service.
A spokesperson for Warner Bros Discovery declined to comment on the matter. Industry analysts say the winner of this bid would gain a significant advantage in the streaming wars by controlling one of the most valuable content libraries in Hollywood.
Earlier this month, Netflix secured Warner Bros’ non-cable assets with a $27-per-share cash-and-stock bid. Paramount CEO David Ellison then made a $30-per-share all-cash bid directly to Warner Bros’ shareholders for the entire company.
Regulatory filings indicate Paramount considers its bid superior to Netflix’s offer. The company believes its proposal has a clearer path to regulatory approval. Paramount’s bid is financed through $41 billion in new equity, backed by the Ellison family and RedBird Capital, along with $54 billion in debt commitments from Bank of America, Citi, and Apollo.
Jared Kushner’s Affinity Partners, initially one of Paramount’s financing partners, has reportedly exited the deal, according to Bloomberg. Both Paramount and Affinity Partners did not immediately respond to requests for comment.
The potential takeover highlights the fierce competition in the entertainment industry. Analysts note that Warner Bros Discovery’s bid could reshape the landscape of streaming services and traditional media, giving the company a stronger foothold in both content and distribution.
As the battle continues, shareholders and regulators will closely examine the offers, weighing financial and strategic implications for the future of global media.
In other news read more about: Cartoon Network Website Closed as Warner Bros, Discovery Shifts Attention to Max platform
