Paramount Skydance Hostile Bid for Warner Bros. Discovery
Paramount Skydance hostile bid offers $30 per share and puts takeover flows at risk while increasing regulatory uncertainty for traders.
KEY TAKEAWAYS
- Paramount Skydance launched an unsolicited all-cash tender offering $30 per share to Warner Bros. Discovery shareholders.
- Bypasses WBD's board to appeal directly to shareholders and positions the offer as superior to Netflix's deal.
- Offer is conditional on regulatory approvals, a minimum tender condition and expiration of antitrust waiting periods.
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Paramount Skydance (PSKY) launched a hostile bid for Warner Bros. Discovery (WBD) on Dec. 8, 2025, initiating an unsolicited all-cash tender offer directly to shareholders. The company positioned the offer as a superior alternative to Netflix’s pending agreement.
Tender Offer and Terms
Paramount Skydance proposed $30 per share in an all-cash tender to acquire all outstanding Warner Bros. Discovery shares, valuing the company at approximately $108.4 billion on an enterprise basis. This is the same per-share offer that Warner Bros. Discovery’s board previously rejected. Paramount characterized the bid as a superior alternative to the Netflix transaction.
Competitive Context and Approvals
Warner Bros. Discovery has agreed to be acquired by Netflix in a deal reported between $72 billion and $83 billion, with terms and structure varying across accounts. Paramount Skydance lost an earlier bidding contest for legacy assets to Netflix. The hostile tender offer is subject to customary conditions, including regulatory approvals in the U.S. and other jurisdictions, a minimum tender condition, and expiration of antitrust waiting periods such as Hart-Scott-Rodino. The outcome depends on shareholder response and regulatory clearance.
