Paramount counters Netflix with cash bid for Warner Bros Discovery
Paramount has submitted a new proposal to acquire Warner Bros Discovery (WBD), aiming to outbid Netflix’s competing offer for the media company’s studio and streaming assets.
The offer, announced publicly by Paramount, is for $30 per share in cash, valuing WBD at approximately $108.4 billion. This represents a 139% premium over WBD’s share price of $12.54 as of 10 September 2025. Paramount stated that its proposal covers the entire company, including traditional television networks.
Netflix’s bid, which was made last week, is structured as a mix of cash and stock, valued at $27.75 per share, equating to an enterprise value of about $82.7 billion (excluding SpinCo). Paramount argues its all-cash approach offers greater certainty and a faster path to completion.
The bidding process began after WBD formally opened discussions following earlier offers from Paramount. WBD’s board has recommended Netflix’s proposal, citing strategic considerations, though Paramount contends its offer provides more immediate value and fewer regulatory hurdles.
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Paramount emphasises that its proposal would create a combined company with expanded content production capabilities, a stronger theatrical release strategy, and a competitive direct-to-consumer streaming footprint. The company also highlighted potential benefits such as investment in creative talent and maintaining both studios’ operations, support for theatrical releases continuing WBD’s current slate, an expanded sports rights portfolio including NFL, Olympics and Champions League, technology partnerships leveraging existing relationships for innovation, and diversified linear networks with improved advertising opportunities.
Netflix’s offer, according to Paramount, faces challenges related to regulatory approval due to its dominant position in global streaming markets. Paramount asserts that its transaction would enhance competition and consumer choice.
Warner Bros Discovery, which owns HBO, Looney Tunes and the Harry Potter franchise, has not publicly commented on Paramount’s latest move beyond its prior recommendation of Netflix’s bid. Shareholders will now evaluate both proposals as the acquisition contest continues.
