Paramount Skydance

Paramount Skydance’s $108 billion hostile bid ignites a fight for Warner Bros. Discovery

EU approved deal July 22 with one concession; deal paused by federal TRO through at least August 17; agreed to delay closing until court ruling or June 1, 2027; facing ~$7M/day ticking fees after September 30

Paramount Skydance won the WBD bidding war in February 2026 and cleared the DOJ and European Commission by July. The deal is now paused: a federal judge in Oakland issued a temporary restraining order on July 20 after a 12-state coalition led by California sued to block it.

Updated Jul 25

Netflix’s $82.7 billion bid for Warner Bros. rewrites the streaming wars

Money Moves

Unsuccessful rival bidder for Warner Bros. Discovery

On December 5, 2025, Netflix announced a definitive deal to acquire Warner Bros.' film and television studios and streaming businesses, including HBO and HBO Max, valued at $72 billion in equity and $82.7 billion including debt. On January 20, 2026, the parties amended to an all-cash structure at $27.75 per share, with a shareholder vote expected by April 2026.

Updated May 10

Netflix’s $72 billion bid for Warner Bros. reshapes the streaming power map

Money Moves

Hostile bidder seeking to acquire all of WBD via $30/share all-cash tender offer

After Netflix and Warner Bros. Discovery announced their $72 billion equity-value agreement on December 5, the transaction quickly became a live bidding contest and a regulatory test case. On December 8, Paramount Skydance launched an unsolicited all-cash tender offer at $30 per share to derail the Netflix deal and keep WBD intact, including networks slated for its Discovery Global spin-off. Within days, Netflix began a coordinated shareholder push backing its signed merger agreement and emphasizing regulatory execution, while WBD prepared formal filings to respond to the tender offer.

Updated May 9

Paramount Skydance

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