Paramount Launches Hostile Bid for Warner Bros. Discovery, Escalating Fight With Netflix
Paramount’s surprise move triggers one of Hollywood’s most dramatic takeover fights in years.
Paramount has escalated the fight for Warner Bros. Discovery, launching a hostile takeover bid and taking its offer directly to Warner’s shareholders.
The move comes just days after Warner struck a deal with Netflix, setting up a public showdown between two of Hollywood’s biggest players over the future of HBO, DC, and other assets.
David Ellison is presenting Paramount’s proposal as the stronger option, emphasizing that it is an all-cash offer and delivers far more money to Warner’s investors than Netflix’s agreement.
Paramount is also arguing that its bid has a clearer path through regulators, while warning that Netflix’s deal faces significant roadblocks in the U.S. and abroad.
The pressure intensified over the weekend when President Trump signaled concerns about the Netflix deal, saying it “could be a problem” because of the level of industry power it would give the streaming giant.
He added that he “will be involved” in the decision, a notable comment given Netflix’s dominance and the political sensitivity around media consolidation.
Paramount’s bid is backed by the Ellison family, RedBird Capital, and more than $50 billion in financing. The company has also accused Warner of failing to meaningfully engage during earlier talks, despite receiving multiple proposals over the past three months.
Netflix, meanwhile, included a multi-billion-dollar breakup fee in its agreement, signaling confidence it could ultimately win approval.
What happens next largely depends on how Warner’s major shareholders respond.
A takeover battle of this scale, especially after a company has already signed with another buyer, is almost unheard of.
But with Hollywood’s most valuable franchises on the table and the industry bracing for another wave of consolidation, neither Paramount nor Netflix appears ready to back down.