Paramount on Monday launched an all-cash hostile bid worth USD 108.4 billion to acquire Warner Bros. Discovery (WBD), days after Netflix secured a deal for several of the company’s iconic assets, as per a press communique shared by the entertainment conglomerate.

On 5 December, Netflix acquired Warner Bros.’ iconic properties, including its film and television studios HBO and HBO Max, with a deal of approximately USD 82.7 billion (with an equity value of USD 72 billion).

Netflix’s bid for Warner Bros. Discovery’s Hollywood studio, as well as its HBO television network, valued the company at USD 82.7 billion. However, the streaming giant did not agree to acquire the company’s traditional television assets, including the news network CNN and the Discovery channel.

As per the press communique, Paramount sent an offer directly to shareholders to acquire the entire company with a total enterprise value of USD 108.4 billion. It has offered to buy Warner Bros. Discovery entirely at USD 30 per share, as compared to Netflix’s approximately USD 28 per share offer for the properties.

The Paramount offer for the entirety of WBD provides shareholders USD 18 billion more in cash than the Netflix deal.

By contrast, Netflix’s earlier deal worth USD 82.7 billion (equity value of ~USD 72 billion), covered only WBD’s film and streaming business, including HBO, HBO Max, and its Hollywood studios, leaving out its traditional cable networks.

The press communique further mentions that the offer gives WBD shareholders a better option than Netflix’s proposal. The company argued that the Netflix deal offers lower and less certain value, and would require a lengthy, multi-country regulatory review with unclear results, as well as a complicated and unstable combination of stock and cash.

“Despite Paramount submitting six proposals over the course of 12 weeks, WBD never engaged meaningfully with these proposals which we believe deliver the best outcome for WBD shareholders,” the press release further reads.

Paramount has now taken its offer directly to WBD shareholders and its Board of Directors to “ensure they have the opportunity to pursue this clearly superior alternative”.

Paramount said it aims to support releasing feature films in theatres and will continue to do so for the theatrical content of both Paramount and WBD studios.

The financing is backed by David Ellison and his father, the billionaire tech mogul Larry Ellison. “Our public offer, which is on the same terms we provided to Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion,” David Ellison, Chairman and CEO of Paramount, said in a statement.

WBD, for its part, said it would “carefully review and consider” Paramount’s offer, without immediately changing its support for the Netflix deal.

WBD shareholders have until 8 January, 2026 to respond to the tender offer, though that period could be extended.