"(Evan Agostini/Invision/AP photo) Paramount Skydance has announced a hostile takeover bid to acquire all of Warner Bros. Discovery, days after Netflix was crowned the highest bidder for the legendary studio. Calling the Netflix deal inferior, Paramount Skydance CEO David Ellison insists its bid is much more appealing to Warner Bros. Discovery shareholders. This just in: Paramount is mounting a hostile takeover bid for all of Warner Bros. Discovery, including CNN, saying "WBD shareholders deserve an opportunity to consider our superior all-cash offer" Brian Stelter (@brianstelter) December 8, 2025"
"WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company, Ellison said in a statement. Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion."
"On Friday, Netflix announced it had inked a nearly $83 billion deal to acquire Warner Bros., along with its massive catalogue of streaming content. HBO and HBO Max were included in the deal. It was also reported Monday that Netflix boss Ted Sarandos quietly met with President Donald Trump in mid-November at the White House ahead of the deal. The agreement would go into effect after the split of Warner Bros. and Discovery."
Paramount Skydance initiated a hostile all-cash bid to acquire all of Warner Bros. Discovery, including CNN. CEO David Ellison characterized the Netflix agreement as inferior and said shareholders deserve the chance to consider Paramount’s offer. Ellison stated the public offer matches the private terms given to the WBD board and promises superior value, greater certainty and a faster completion. He criticized the WBD board’s pursuit of a mixed cash-and-stock proposal that exposes shareholders to uncertain trading value for the Global Networks division and potential regulatory hurdles. Netflix previously reached a nearly $83 billion agreement including HBO and HBO Max that would take effect after the Warner Bros.-Discovery split.
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