{"title": "Paramount Launches $108 Billion All-Cash Hostile Offer for Full Warner Bros. Discovery Acquisition", "body": ["Paramount expressed dissatisfaction with Netflix's recent agreement to acquire significant portions of Warner Bros. Discovery for $82.7 billion. In response, Paramount has initiated a hostile bid targeting the entire company, presenting an all-cash proposal of $30 per share directly to Warner Bros. Discovery shareholders, with the offer set to conclude on January 8."], ["Just days ago, Warner Bros. Discovery's board unanimously approved Netflix's proposal, valued at $27.75 per share, comprising $23.25 in cash and $4.50 in Netflix shares. This arrangement totals $82.7 billion for Netflix, whereas Paramount's initiative reaches $108.4 billion."], ["A notable distinction in Paramount's proposal is its scope, encompassing the entirety of Warner Bros. Discovery. The company is set to divide into two separate entities next year, and Netflix's interest is limited to the streaming and production divisions, which feature HBO Max along with Warner Bros.' movie, television, and gaming operations."], ["Paramount seeks complete control, incorporating Warner Bros. Discovery's cable television assets under Global Networks. In a Monday press statement, Paramount argued that the board's preference for Netflix's deal over its own relies on an unrealistic projection for Global Networks' value, which lacks grounding in operational realities and is burdened by substantial debt allocation."], ["Warner Bros. Discovery reported $34.5 billion in total debt at the close of September. The plan was to assign the majority of this liability to the Global Networks entity, now referred to as Discovery Global. Paramount's financing includes $40.7 billion from the family of CEO David Ellison—whose father, Larry Ellison, co-founded Oracle—and from RedBird Capital, though the deal would involve assuming additional obligations. The offer also secures $54 billion in debt financing from Bank of America, Citi, and Apollo, the latter holding a controlling interest in Yahoo, parent of Engadget."], ["An SEC filing indicates further support for Paramount's effort from Jared Kushner's Affinity Partners investment group and sovereign wealth funds from Saudi Arabia's Public Investment Fund, Qatar, and Abu Dhabi. Tencent participated in an earlier Paramount proposal but is absent from this hostile maneuver."], ["Prior to Warner Bros. Discovery's acceptance of Netflix's terms, Paramount sent a letter to CEO David Zaslav, raising concerns about the transaction process's equity and sufficiency. It inquired if the board was truly prioritizing shareholder benefits, given indications that executives seemed inclined toward Netflix's proposal."], ["Paramount noted that despite presenting six offers across 12 weeks, Warner Bros. Discovery failed to engage substantially with them, despite their potential to yield optimal results for investors. Consequently, Paramount has bypassed the board, approaching shareholders directly to highlight this evidently superior option."], ["Acquired by Skydance earlier this year for $8 billion, Paramount asserts that its proposal would encounter fewer regulatory hurdles compared to Netflix's, which would not finalize until after Warner Bros. Discovery's 2026 bifurcation. CNBC reports that Paramount leaders anticipate smoother approvals due to the firm's more modest scale and connections to the Trump administration. Recently, President Donald Trump commented on Netflix's pursuit, stating it requires regulatory review amid concerns over substantial market concentration."], ["Warner Bros. Discovery informed Variety that it will evaluate Paramount's current proposal and issue guidance to investors within 10 business days, by December 19. For now, it upholds its endorsement of the Netflix agreement and urges shareholders to refrain from any steps regarding the Paramount Skydance submission."], ["During a Monday event, Netflix co-CEO Ted Sarandos described Paramount's latest move as anticipated, emphasizing satisfaction with their secured arrangement. He highlighted its advantages for investors, viewers, and employment stability in entertainment, expressing strong assurance in completing the transaction."], ["Update December 8, 2025, 11:14AM ET: Incorporated information on sovereign wealth funds and Affinity Partners' roles."], ["Update December 8, 2025, 2:38PM ET: Included statements from Warner Bros. Discovery and Netflix."]]}