Paramount said Monday that it is making a bid to acquire Warner Bros. Discovery, launching just days after Netflix announced an $83 billion deal to buy a large stake in the media giant.
It would be offered to shareholders of Warner Bros. Discovery (WBD) $30 per share, representing a 139% premium to the stock price as of September 10, 2025, Paramount said.
Paramount’s offering includes the streaming service HBO Max, the film production company Warner Bros. and cable channels such as CNN.
The Paramount logo is displayed on a screen at CinemaCon 2025 in Las Vegas, Nevada, on April 3, 2025.
Valerie Macon/AFP via Getty Images
Netflix set its deal with Warner Bros. Discovery at a lower price of $27.75 per share, although Netflix’s offer excluded cable channels.
“We believe the WBD Board of Directors is pursuing an inferior proposal that exposes shareholders to a mix of cash and stock, an uncertain future business value of Global Networks’ linear cable business, and a challenging regulatory approval process. We are taking our offer directly to shareholders to give them the opportunity to act in their own interest and maximize the value of their shares,” David Ellison, Paramount’s chairman and CEO, said in a statement.
“Our public offering, which is made on the same terms that we presented to Warner Bros. Discovery’s board of directors privately, provides superior value and a safer, faster path to completion,” Ellison added.
Paramount shares rose nearly 6% in early trading Monday. By contrast, Netflix shares fell about 4%.
In a statement Friday, Netflix touted its deal to acquire Warner Bros., saying the deal would enhance its offerings.
‘This acquisition brings together two pioneering entertainment businesses, combining the innovation, global reach and best-in-class streaming service of Netflix with Warner Bros.’ legacy of a century of world-class storytelling,” Netflix said.
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