Paramount makes $108.4 billion hostile bid for Warner Bros Discovery
- - Paramount makes $108.4 billion hostile bid for Warner Bros Discovery
Harshita Mary Varghese, Aditya Soni and Dawn Chmielewski, Reuters December 9, 2025 at 1:49 AM
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Dec 8 (Reuters) - Paramount Skydance (PSKY.O), on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery (WBD.O), in a last-ditch effort to outbid Netflix and create a media powerhouse that would challenge the dominance of the streaming giant.
Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets. But Paramount's latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly.
Netflix's offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny; U.S. President Donald Trump raised questions about the offer over the weekend. The bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions on concerns that it could lead to job cuts as well as higher prices for consumers.
Warner Bros Discovery logo is seen in this illustration taken December 5, 2025.Twists and turns
However, Paramount's bid could also face its own level of scrutiny. A Paramount-Warner Bros combination would boost its dominant position in the studio business that some also worry could lead to job losses as the industry rapidly consolidates.
Reuters had already reported, citing sources familiar, that Paramount had raised its offer to $30 per share on Thursday for the entire company, but that the Warner Bros board had concerns about the financing.
More: Netflix is buying Warner Bros. Here's what it means for you
"The Warner Bros Discovery acquisition is far from over. Netflix is in the driver's seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged," said Emarketer senior analyst Ross Benes.
It had sent a letter to Warner Bros, questioning the sale process and alleging the company has abandoned a fair bidding process and predetermined Netflix as the winner.
That followed reports that Warner Bros' management called the Netflix deal a "slam dunk" while speaking negatively about Paramount's offer.
Paramount Global and Skydance logos are seen in this illustration taken December 17, 2024. REUTERS/Dado Ruvic/Illustration'Bias against us'
In an interview with CNBC on Monday, Paramount CEO David Ellison said there is an "inherent bias" against his company in the bidding. "We will be the largest investor in this deal. We're literally sitting here today because we are fighting for our shareholders, and we're also fighting for the shareholders of Warner Bros Discovery," Ellison said in an interview with CNBC.
Some analysts and industry experts see Paramount as the best candidate for acquiring Warner Bros Discovery, given Ellison's deep pockets - backed by his father, Oracle co-founder and the world's second-richest person, Larry Ellison, who has close ties with the Trump administration.
Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections.
Paramount remains one of Hollywood's major studios, but its box office record has been uneven, with occasional franchise wins offset by periods in which its slate has trailed Disney, Universal and Warner Bros in U.S. market share.
Bloomberg News has reported Trump met Netflix co-CEO Ted Sarandos in mid-November, telling the executive Warner Bros should sell to the highest bidder.
Looking for something good to watch? Amid the deluge of television in 2025, here are the very best, starting with number 20: "Star Trek: Strange New Worlds" (Paramount+)
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Looking for something good to watch? Amid the deluge of television in 2025, here are the very best, starting with number 20: "Star Trek: Strange New Worlds" (Paramount+)
">Looking for something good to watch? Amid the deluge of television in 2025, here are the very best, starting with number 20: "Star Trek: Strange New Worlds" (Paramount+)
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"The Gold" (PBS)
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"The Gold" (PBS)
" data-src=https://s.yimg.com/ny/api/res/1.2/FWtQ8_yaoVZH9IH9HVSthA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/3c32554b523c5e7bdf25ea5b63a66ad1 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"The Gold" (PBS)
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"The Gold" (PBS)
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"High Potential" (ABC)
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"High Potential" (ABC)
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"High Potential" (ABC)
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"High Potential" (ABC)
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"IT: Welcome to Derry" (HBO)
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"IT: Welcome to Derry" (HBO)
" data-src=https://s.yimg.com/ny/api/res/1.2/0x1OAMwgJboFlRC0sF4Vmw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/a5eecbe483857597b7d043f8134d7dac class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"IT: Welcome to Derry" (HBO)
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"IT: Welcome to Derry" (HBO)
" src=https://s.yimg.com/ny/api/res/1.2/0x1OAMwgJboFlRC0sF4Vmw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/a5eecbe483857597b7d043f8134d7dac class=caas-img> -
"The White Lotus" (HBO)
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"The White Lotus" (HBO)
" data-src=https://s.yimg.com/ny/api/res/1.2/Xamq87Q44tUyROS1bYc4Rg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/90f677276afa84305c9a7f5a913f86c0 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"The White Lotus" (HBO)
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"The White Lotus" (HBO)
" src=https://s.yimg.com/ny/api/res/1.2/Xamq87Q44tUyROS1bYc4Rg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/90f677276afa84305c9a7f5a913f86c0 class=caas-img> -
"Sirens" (Netflix)
" style=padding-bottom:56%> -
"Sirens" (Netflix)
" data-src=https://s.yimg.com/ny/api/res/1.2/lHhD9i0xl3wpfkPiy9ilMg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02MjE-/https://media.zenfs.com/en/usa_today_slideshows_242/9e8c7a9995b129fa346090119ffabb87 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Sirens" (Netflix)
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"Sirens" (Netflix)
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"Severance" (Apple TV)
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"Severance" (Apple TV)
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"Severance" (Apple TV)
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"Severance" (Apple TV)
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"Matlock" (CBS)
" style=padding-bottom:56%> -
"Matlock" (CBS)
" data-src=https://s.yimg.com/ny/api/res/1.2/AxpVAUYaWjTDrOWQzaBdzQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/40f952743badf41faac5ec8a48e96acb class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Matlock" (CBS)
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"Matlock" (CBS)
" src=https://s.yimg.com/ny/api/res/1.2/AxpVAUYaWjTDrOWQzaBdzQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/40f952743badf41faac5ec8a48e96acb class=caas-img> -
"Apple Cider Vinegar" (Netflix)
" style=padding-bottom:56%> -
"Apple Cider Vinegar" (Netflix)
" data-src=https://s.yimg.com/ny/api/res/1.2/KwQaSUqXD5JjGUZLVSOOxA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTk-/https://media.zenfs.com/en/usa_today_slideshows_242/8fbd9116493fbd6ce9df776724415b63 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Apple Cider Vinegar" (Netflix)
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"Apple Cider Vinegar" (Netflix)
" src=https://s.yimg.com/ny/api/res/1.2/KwQaSUqXD5JjGUZLVSOOxA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTk-/https://media.zenfs.com/en/usa_today_slideshows_242/8fbd9116493fbd6ce9df776724415b63 class=caas-img> -
"Overcompensating" (Prime Video)
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"Overcompensating" (Prime Video)
" data-src=https://s.yimg.com/ny/api/res/1.2/J.u5MJOif66FiJofKNJ0sg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTk-/https://media.zenfs.com/en/usa_today_slideshows_242/3ae78463f7a3af220617883111417873 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Overcompensating" (Prime Video)
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"Overcompensating" (Prime Video)
" src=https://s.yimg.com/ny/api/res/1.2/J.u5MJOif66FiJofKNJ0sg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTk-/https://media.zenfs.com/en/usa_today_slideshows_242/3ae78463f7a3af220617883111417873 class=caas-img> -
"Task" (HBO)
" style=padding-bottom:56%> -
"Task" (HBO)
" data-src=https://s.yimg.com/ny/api/res/1.2/5rnk7LLwniNYg6m9hZ_QAw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/045b158afe7fa773051dc35ccc08c7ab class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Task" (HBO)
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"Task" (HBO)
" src=https://s.yimg.com/ny/api/res/1.2/5rnk7LLwniNYg6m9hZ_QAw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/045b158afe7fa773051dc35ccc08c7ab class=caas-img> -
"North of North" (Netflix)
" style=padding-bottom:56%> -
"North of North" (Netflix)
" data-src=https://s.yimg.com/ny/api/res/1.2/R8rNQr2ixHBqrHup.MWbiQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/daa4d552e0f79ea483f8da364f3fb86f class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"North of North" (Netflix)
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"North of North" (Netflix)
" src=https://s.yimg.com/ny/api/res/1.2/R8rNQr2ixHBqrHup.MWbiQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/daa4d552e0f79ea483f8da364f3fb86f class=caas-img> -
"Taskmaster" (YouTube)
" style=padding-bottom:56%> -
"Taskmaster" (YouTube)
" data-src=https://s.yimg.com/ny/api/res/1.2/xBMdoeZVe3aIeqyecRiS3g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTk-/https://media.zenfs.com/en/usa_today_slideshows_242/481fdcaf52aad6be336cb8185b6ce54e class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Taskmaster" (YouTube)
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"Taskmaster" (YouTube)
" src=https://s.yimg.com/ny/api/res/1.2/xBMdoeZVe3aIeqyecRiS3g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02OTk-/https://media.zenfs.com/en/usa_today_slideshows_242/481fdcaf52aad6be336cb8185b6ce54e class=caas-img> -
"Boots" (Netflix)
" style=padding-bottom:56%> -
"Boots" (Netflix)
" data-src=https://s.yimg.com/ny/api/res/1.2/nKBw1w4DFp1sS2u2EzNFRg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/5b90ba315c2ecd6cfdf27a5229948045 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Boots" (Netflix)
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"Boots" (Netflix)
" src=https://s.yimg.com/ny/api/res/1.2/nKBw1w4DFp1sS2u2EzNFRg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/5b90ba315c2ecd6cfdf27a5229948045 class=caas-img> -
"Death by Lightning" (Netflix)
" style=padding-bottom:56%> -
"Death by Lightning" (Netflix)
" data-src=https://s.yimg.com/ny/api/res/1.2/Ts_kTuiBOfnyj6CpiYrcgw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/4d6b33b7daf9b027aab493f8a5e4d019 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Death by Lightning" (Netflix)
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"Death by Lightning" (Netflix)
" src=https://s.yimg.com/ny/api/res/1.2/Ts_kTuiBOfnyj6CpiYrcgw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/4d6b33b7daf9b027aab493f8a5e4d019 class=caas-img> -
"The American Revolution" (PBS)
" style=padding-bottom:56%> -
"The American Revolution" (PBS)
" data-src=https://s.yimg.com/ny/api/res/1.2/Gs6spEOEtCvkigKYuXj48A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MzM-/https://media.zenfs.com/en/usa_today_slideshows_242/01f730a785d6d5772a883899c6039cd1 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"The American Revolution" (PBS)
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"The American Revolution" (PBS)
" src=https://s.yimg.com/ny/api/res/1.2/Gs6spEOEtCvkigKYuXj48A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MzM-/https://media.zenfs.com/en/usa_today_slideshows_242/01f730a785d6d5772a883899c6039cd1 class=caas-img> -
"Adolescence" (Netflix)
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"Adolescence" (Netflix)
" data-src=https://s.yimg.com/ny/api/res/1.2/bk3BvlEBjciADlc7vnZs7A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02MjE-/https://media.zenfs.com/en/usa_today_slideshows_242/9a21720c000a97dab0e721049165b892 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Adolescence" (Netflix)
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"Adolescence" (Netflix)
" src=https://s.yimg.com/ny/api/res/1.2/bk3BvlEBjciADlc7vnZs7A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD02MjE-/https://media.zenfs.com/en/usa_today_slideshows_242/9a21720c000a97dab0e721049165b892 class=caas-img> -
"Andor" (Disney+)
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"Andor" (Disney+)
" data-src=https://s.yimg.com/ny/api/res/1.2/ArZ6AeX.rrh5Nl_8R38.4A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD01MjA-/https://media.zenfs.com/en/usa_today_slideshows_242/c7e67a765516cdb936e9e156edac4f65 class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"Andor" (Disney+)
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"Andor" (Disney+)
" src=https://s.yimg.com/ny/api/res/1.2/ArZ6AeX.rrh5Nl_8R38.4A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD01MjA-/https://media.zenfs.com/en/usa_today_slideshows_242/c7e67a765516cdb936e9e156edac4f65 class=caas-img> -
"The Pitt" (HBO Max)
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"The Pitt" (HBO Max)
" data-src=https://s.yimg.com/ny/api/res/1.2/6uckj13BKr83Yc9oGJGbWQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/117496dbc736128a830c19b3ccc2f3bd class=caas-img data-headline="The 20 best TV shows of 2025" data-caption=" -
"The Pitt" (HBO Max)
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"The Pitt" (HBO Max)
" src=https://s.yimg.com/ny/api/res/1.2/6uckj13BKr83Yc9oGJGbWQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/usa_today_slideshows_242/117496dbc736128a830c19b3ccc2f3bd class=caas-img>
1 / 19The 20 best TV shows of 2025
Looking for something good to watch? Amid the deluge of television in 2025, here are the very best, starting with number 20: "Star Trek: Strange New Worlds" (Paramount+)
The combined company will have substantial overlap and its combined streaming revenue would decline unless Netflix doubles its prices or runs separate platforms, neither of which the brokerage expects, Morningstar analysts have said.
Looking to allay antitrust fears, Sarandos had said the deal would drive value for consumers, shareholders and talent, saying Netflix is "highly confident" in the regulatory process.
Analysts said Netflix's motivation would stem from securing exclusive, long-term control over premium IP and reducing reliance on external studios as it expands into gaming, live entertainment and broader consumer ecosystems.
Access to WBD's vast IP trove would provide immediate credibility, audience reach and merchandising potential for its gaming ambitions, an area where Netflix is still building original content and brand recognition.
Reporting by Harshita Mary Varghese and Aditya Soni in Bengaluru; Editing by Arun Koyyur
This article originally appeared on USA TODAY: Paramount tries for hostile takeover of Warner Bros Discovery
Source: “AOL Entertainment”
