Paramount launches hostile $74B bid to block Netflix’s takeover of Warner Bros.

Paramount issues a hostile $74.4B bid for Warner Bros., urging shareholders to reject Netflix’s $72B takeover offer

Paramount has launched a hostile bid to acquire Warner Bros. Discovery, escalating the battle for control of one of Hollywood’s largest studios.

The move directly challenges Netflix, which recently announced a $72 billion takeover agreement with Warner Bros. Discovery.

In its announcement Monday, Paramount said it is taking its proposal directly to Warner Bros. shareholders with an offer valued at approximately $74.4 billion, or $30 per share in cash. The company emphasized that its proposal includes purchasing Warner Bros.’ cable assets, a key difference from Netflix’s bid, and urged shareholders to reject the lower offer from the streaming giant.

According to Paramount, its bid provides nearly $18 billion more value than Netflix’s competing offer. The company criticized Netflix’s proposal as relying on what it called “an illusory prospective valuation” of cable operations and warned that Netflix’s plan could trigger a lengthy and uncertain regulatory approval process across multiple jurisdictions.

Paramount said it submitted six proposals to Warner Bros. Discovery over the past 12 weeks, all of which were rejected in favor of Netflix’s offer. Paramount Chairman and CEO David Ellison argued that the company’s proposal would deliver broader benefits for Hollywood and consumers, including increased competition, higher content spending, and more theatrical releases.

Netflix’s deal, announced Friday, would give the company control of major assets including HBO Max and the Warner Bros. film studio, valuing the enterprise at $82.7 billion when debt is included. However, certain cable networks, including CNN and Discovery, are excluded due to a planned separation.

The proposed Netflix–Warner Bros. merger has already drawn political attention, with President Donald Trump stating Sunday that the size of the combined entity “could be a problem” for regulators.

Paramount’s tender offer is scheduled to expire on January 8, 2026, unless extended.