After Netflix Deal: Paramount Offers 108 Billion US Dollars for Warner Bros.

Netflix and Warner Bros. have agreed on a takeover. Now Paramount is stepping in – and offering more.

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Dec 8, 2025 at 4:41 pm CET

2 min. read

By

Daniel Herbig

The poker game for the takeover of Warner Bros. is gaining dramatic momentum: after Warner and Netflix agreed on a takeover deal worth 83 billion US dollars, Netflix competitor Paramount is now joining the fray: the media company is offering 108 billion US dollars in cash to buy Warner Bros.

Paramount is making this offer to shareholders, who are to receive 30 US dollars per share. Financially, this is a stronger offer than Netflix's: the deal that Netflix has negotiated with Warner provides for a mix of cash and Netflix shares for shareholders, which together are to have a value of 27.75 US dollars per share.

The Netflix offer is worse for shareholders, Paramount argues in a statement. The mix of cash and Netflix shares is volatile; moreover, the outcome of antitrust reviews is unclear, and the successful completion of the takeover is not guaranteed. "Our public offer, which is on the same terms as the one we presented privately to the board of Warner Bros. Discovery, offers higher value as well as a more secure and faster path to completion," said Paramount CEO David Ellison.

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Warner Bros. has apparently rejected this offer. Paramount is now turning directly to the shareholders, hoping for their support to change Warner Bros.'s mind. While the Netflix offer focuses only on Warner Bros.'s film studios and streaming business, Paramount wants to buy the entire company with its offer.

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