Paramount, a Skydance Corporation, has launched an all-cash tender offer to acquire all outstanding shares of Warner Bros. Discovery for $30.00 per share, positioning its proposal as a faster, more certain and higher-value alternative to a previously announced transaction involving Netflix. The offer, announced on 8 December 2025, covers the entire Warner Bros. Discovery business, including its Global Networks segment, and is being taken directly to shareholders following the company’s view that its bid was not given full consideration by the target’s board.
The proposed deal is fully financed through a combination of equity support from the Ellison family and RedBird Capital and committed debt financing from Bank of America, Citi and Apollo. Paramount argues that its offer delivers superior value, equating to an enterprise value of approximately $108.4 billion and representing a substantial premium to Warner Bros. Discovery’s pre-offer share price. In contrast, Paramount describes the competing Netflix-led transaction as offering lower and more uncertain value, citing its mixed cash-and-stock structure, longer and more complex regulatory path and the prospect of leaving shareholders exposed to a highly leveraged standalone Global Networks business.
David Ellison, Chairman and Chief Executive Officer of Paramount, stated that the company chose to bypass the board and take the proposal directly to shareholders to allow them to assess what it considers a clearly superior transaction. He emphasised that the all-cash structure offers greater certainty of value and a quicker path to completion, while reducing exposure to market volatility and regulatory risk.
Strategically, Paramount maintains that a combination with Warner Bros. Discovery would create a scaled global media company capable of competing more effectively with dominant streaming platforms. The company argues that the combined group would strengthen support for theatrical releases, expand direct-to-consumer offerings, and create a more competitive alternative in the global streaming market. It also highlighted potential cost synergies and the financial capacity of the combined business to invest in high-quality content, sports rights and technology.
The tender offer, unanimously approved by Paramount’s board, is scheduled to expire on 8 January 2026, subject to extension. Paramount has filed a pre-merger notification under the Hart-Scott-Rodino Act and indicated it is prepared to engage promptly with regulators to secure the necessary approvals. The transaction is not subject to any financing condition.
The company has also warned that the proposal remains subject to significant regulatory, execution and market risks, and has urged shareholders to review the formal offer documents that have been filed with the US Securities and Exchange Commission.