Paramount Launches $30 Billion All-Cash Offer for Warner Bros. Discovery

Paramount,  a Skydance Corporation company, has announced an all-cash tender offer to acquire all outstanding shares of Warner Bros. Discovery, Inc. at $30 per share, valuing the company at approximately $108.4 billion. The offer includes WBD’s Global Networks segment and represents a 139% premium to WBD’s stock price prior to September 10, 2025. Paramount’s proposal aims to provide WBD shareholders with a faster, more certain, and financially superior alternative to Netflix’s previously announced acquisition plan.

Paramount emphasizes that its all-cash offer delivers $18 billion more in cash than the Netflix transaction. The company also highlights the clarity of its proposal, which encompasses the entire company rather than leaving WBD shareholders with a sub-scale, highly leveraged portion in Global Networks. Paramount asserts that its approach avoids the regulatory uncertainties and execution risks associated with Netflix’s combined cash-and-stock deal.

The proposed merger aims to create a scaled Hollywood powerhouse, strengthening both creative output and distribution capabilities. Paramount plans to maintain WBD’s theatrical slate, support movie theaters, and expand high-quality content for direct-to-consumer platforms such as Paramount+ and HBO Max. The combined company would offer consumers a more competitive streaming experience, while enhancing advertising opportunities across linear networks and a broad portfolio of sports rights, including NFL, Olympics, UFC, PGA Tour, NHL, and Champions League events.

Paramount also emphasizes technology and innovation leadership, leveraging partnerships with Oracle and other ecosystem players, while investing in digital infrastructure and content creation. The merger would enable substantial cost synergies exceeding $6 billion, in addition to $3 billion in standalone efficiencies already targeted by Paramount’s current transformation plans. Paramount believes this structure allows for continued investment in growth initiatives, creative talent, and high-profile deals across film, TV, and interactive media.

The tender offer has been unanimously approved by Paramount’s Board of Directors and is scheduled to expire at 5:00 p.m. ET on January 8, 2026, unless extended. It will be financed through a combination of equity from Paramount’s investors and $54 billion in debt commitments from Bank of America, Citi, and Apollo. Paramount is confident it can secure all necessary regulatory approvals expeditiously, positioning the transaction as pro-competitive and beneficial for consumers and the creative community.