Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery in a last-ditch effort to outbid Netflix.
Netflix had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery’s TV, film studios and streaming assets.
But Paramount’s latest attempt means the jockeying for Warner Bros and its prized HBO and DC Comics assets will not come to a conclusion swiftly.
Netflix’s offer comes with a $5.8 billion break-up fee and was likely to face strong antitrust scrutiny, as United States President Donald Trump raised questions about the offer over the weekend.
The bid has already drawn sharp criticism from bipartisan lawmakers and Hollywood unions on concerns that it could lead to job cuts as well as higher prices for consumers.
However, Paramount’s bid could also face its own level of scrutiny. A Paramount-Warner Bros combination would boost its dominant position in the studio business that some also worry could lead to job losses as the industry rapidly consolidates.
Sources had earlier told Reuters that Paramount had raised its offer to $30 per share on Thursday for the entire company, but that the Warner Bros board had concerns about the financing.
Netflix to buy Warner Bros for $72bn
“The Warner Bros Discovery acquisition is far from over. Netflix is in the driver’s seat but there will be twists and turns before the finish line. Paramount will appeal to shareholders, regulators, and politicians to try to stymie Netflix. The battle could become prolonged,” said Emarketer senior analyst Ross Benes.
Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections.
Paramount had sent a letter to Warner Bros, questioning the sale process and alleging the company has abandoned a fair bidding process and predetermined Netflix as the winner.
That followed reports that Warner Bros’ management called the Netflix deal a “slam dunk” while speaking negatively about Paramount’s offer.
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