Netflix and Paramount Skydance battle for Warner Bros. in billion-dollar bidding war
Netflix and Paramount Skydance are competing to acquire Warner Bros. Discovery, with the WBD board backing Netflix's $27.75-per-share offer while Paramount pursues a hostile bid.
December 13, 2025 - 08:58 PM ET • 2 min read
Netflix and Paramount Skydance are engaged in a major bidding war to acquire Warner Bros. Discovery, one of the largest media deals in history. The competition has drawn attention from regulators and the Trump administration, with implications extending beyond Hollywood to the broader media landscape.
The WBD board selected Netflix's offer for the Warner Bros. studio and HBO Max streaming service at $27.75 per share, along with a separate plan to sell WBD's cable properties for additional dollars per share, which the board claims brings the total value to approximately $30.75 per share.
Paramount Skydance, owned by David and Larry Ellison, initially presented an all-cash bid of $30 per share, which the WBD board rejected. The Ellisons have since launched a hostile bid, appealing directly to shareholders and arguing their offer is superior to Netflix's deal. They have characterized the Netflix proposal as risky and are seeking to persuade WBD shareholders to reject the board's recommendation.
To finance their bid, Paramount Skydance is tapping Middle Eastern investors, according to reports. The company is attempting to secure additional capital to strengthen its position in the competitive process.
Warner Bros. holds a substantial portfolio of entertainment assets spanning more than a century. The studio's catalog includes the Harry Potter franchise, DC Comics properties, Stanley Kubrick films, The Lord of the Rings and Dune sagas, as well as television series including The Sopranos, Friends, and Game of Thrones. Control of these assets would significantly expand the acquiring company's content library.
Netflix CEO Ted Sarandos stated in early November that the company aims to become the world's largest entertainment company, remarks that preceded the formal bidding process. Netflix operates as the world's leading streaming platform and has expanded beyond digital content into physical entertainment venues, including opening its first themed entertainment center in King of Prussia, Pennsylvania, in early November.
The deal has attracted scrutiny from regulatory authorities and political figures. Experts predict that any merger will raise regulatory red flags. President Trump has expressed interest in shaping the outcome of major media deals and has not concealed his views on media industry consolidation during his second presidency.
The outcome of the bidding war will determine which company gains control of one of Hollywood's most established studios and its extensive intellectual property portfolio.