The fight for Warner Bros. Discovery is rapidly becoming one of the most aggressive corporate battles of the year, and at NewsTrackerToday we see Paramount Skydance openly challenging Netflix with a fully cash $30-per-share tender offer. The bid is backed by $41 billion in equity financing and an additional $54 billion in committed debt from Bank of America, Citi and Apollo.
The tender runs for 20 business days. WBD’s board has ten days to issue a response, after which any shareholder may tender their shares. If Paramount reaches 51% ownership, it gains control.
Liam Anderson, NewsTrackerToday’s financial markets analyst, notes that Paramount is leveraging a simple dynamic: “A full-cash bid carries enormous weight in a volatile environment,” especially among shareholders exhausted by ongoing strategic uncertainty at WBD. Analysts expect strong engagement – and also expect Netflix to counter if Paramount builds momentum.
WBD’s board continues to endorse the Netflix agreement, advising shareholders to “take no action.” Yet its parallel statement that Paramount’s proposal will be evaluated in detail leaves the door open to renewed negotiations should investors begin shifting toward the higher bid.
David Ellison has already signaled willingness to go beyond $30 if talks resume. He further downplayed the value of WBD’s linear cable networks – excluded from the Netflix deal – assigning them a symbolic $1 per share, a move clearly intended to reshape the perceived value of the assets.
Isabella Moretti, corporate strategy and M&A analyst at NewsTrackerToday, sees this as deliberate positioning: “Paramount is reframing WBD’s valuation narrative. This isn’t just negotiation – it’s an attempt to redefine which deal looks cleaner, safer and more rational to vote for.”
Complicating matters is the $2.8 billion breakup fee WBD owes Netflix if it switches bidders. Paramount may need to raise its offer or absorb the fee outright. Netflix maintains its confidence. Ted Sarandos reiterated that the company is “absolutely certain” regulators will approve its transaction and challenged Paramount’s projected $6 billion in synergies.
With both bidders signaling escalation, the process may stretch into legal arbitration or a full shareholder vote. News Tracker Today’s view is that the decisive factor will be which bidder convinces WBD shareholders it can deliver sustainable value over the next five years. And for the first time in this fight, Paramount appears fully prepared to go the distance.
