Warner Bros Acquisition Plans Major Update

Warner Bros Discovery

An update has emerged on the fate of Warner Bros, with Paramount sharing a new announcement.

Netflix previously announced that the company has entered a definitive agreement with Warner Bros Discovery, which would see Netflix acquire Warner Bros, per their announcement.

Paramount has now announced an “all-cash tender offer” to acquire outstanding shares of Warner Bros Discovery. The proposal includes the entirety Warner Bros Discovery – which is set to separate into Warner Bros and Discovery Global – where Netflix’ previously announced agreement only includes Warner Bros, not the Global Networks segment Discovery Global.

Paramount shared the following to its Investor Relations site:

LOS ANGELES and NEW YORK, Dec. 8, 2025 /PRNewswire/ — Paramount, a Skydance Corporation (NASDAQ: PSKY) (“Paramount”), today announced it has commenced an all-cash tender offer to acquire all of the outstanding shares of Warner Bros. Discovery, Inc. (NASDAQ: WBD) (“WBD”) for $30.00 per share in cash. Paramount’s proposed transaction is for the entirety of WBD, including the Global Networks segment.

Paramount’s strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix (NASDAQ: NFLX) transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash.

The Paramount offer for the entirety of WBD provides shareholders $18 billion more in cash than the Netflix consideration. WBD’s Board of Directors recommendation of the Netflix transaction over Paramount’s offer is based on an illusory prospective valuation of Global Networks that is unsupported by the business fundamentals and encumbered by high levels of financial leverage assigned to the entity.

David Ellison, Chairman and CEO of Paramount, said: “WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company. 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. We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the 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 best interests and maximize the value of their shares.”

Paramount’s proposal is more compelling to WBD shareholders on several fronts:

Price: an all-cash offer at $30.00 per share, equating to an enterprise value of $108.4 billion, which represents a 139% premium to the undisturbed WBD stock price of $12.54 as of September 10, 2025. In contrast, the Netflix proposal entails a volatile and complex structure valued at $27.75 mix of cash ($23.25) and stock ($4.50), subject to collar and the future performance of Netflix, equating to an enterprise value of $82.7 billion (excluding SpinCo).
Structure: Paramount proposal is for all of WBD, without leaving WBD shareholders with a sub-scale and highly leveraged stub in Global Networks, as the Netflix agreement assumes.
Timeline and regulatory certainty: Paramount is highly confident in achieving expeditious regulatory clearance for its proposed offer, as it enhances competition and is pro-consumer, while creating a strong champion for creative talent and consumer choice. In contrast, the Netflix transaction is predicated on the unrealistic assumption that its anticompetitive combination with WBD, which would entrench its monopoly with a 43% share of global Subscription Video on Demand (SVOD) subscribers, could withstand multiple protracted regulatory challenges across the world. In many European Union countries the Netflix transaction would combine the dominant SVOD player with the number two or strong number three competitor. The Netflix transaction creates a clear risk of higher prices for consumers, lower pay for content creators and talent and the destruction of American and international theatrical exhibitors. Netflix has never undertaken large-scale acquisitions, resulting in increased execution risk which WBD shareholders would have to endure.

Paramount’s statement continues at this link.

AEW announced a multi-year media rights deal with Warner Bros Discovery in October 2024, with Dynamite to air on TBS, Collision on TNT, and AEW programming to stream exclusively on HBO Max as part of this deal.

While TBS and TNT will be part of Discovery Global following the announced separation, HBO Max will be part of Warner Bros, therefore was part of Netflix’ previously announced acquisition plans.

Netflix is notably the home of WWE Raw in the US, and WWE TV and PLE events internationally.

WrestleTalk.com will share updates and details on potential changes for AEW as they become available.

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• Netflix
• Warner Bros. Discovery
• Paramount+
• AEW
• wwe

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