Paramount Global has escalated its pursuit of Warner Bros. Discovery with a hostile $72 billion cash-and-stock offer, directly challenging Netflix’s previously announced bid. The move intensifies competition in the streaming and content ownership space.
- Paramount Global has launched a hostile $72 billion bid for Warner Bros. Discovery
- The offer matches Netflix’s previously announced acquisition price
- Paramount’s bid includes a combination of cash and stock
- Warner Bros. Discovery (WBD) stock rose 8.1% on the announcement
- Netflix (NFLX) shares declined 2.7% following the news
- The acquisition would consolidate major franchises including DC Comics and HBO
Paramount Global has launched a formal, unsolicited offer to acquire Warner Bros. Discovery, valuing the company at $72 billion in a mix of cash and stock. The proposal, made public on December 8, 2025, represents a direct challenge to Netflix’s earlier $72 billion bid, which had been under negotiation but not yet finalized. The move marks a significant escalation in the battle for control of one of the world’s largest content libraries, including franchises such as DC Comics, HBO, and The Matrix. The $72 billion valuation reflects a premium over Warner Bros. Discovery’s recent market capitalization, signaling Paramount’s intent to secure a dominant position in the evolving media landscape. If successful, the acquisition would consolidate major assets under one entity, combining Paramount’s production and distribution capabilities with Warner Bros. Discovery’s streaming platforms—HBO Max and discovery+—and extensive intellectual property portfolio. The escalation has triggered immediate reactions across financial markets. Paramount’s stock (PARA) rose 6.3% in after-hours trading, while Warner Bros. Discovery (WBD) gained 8.1%, reflecting investor anticipation of a potential bidding war. Netflix (NFLX) shares dipped 2.7%, indicating market concern over the revised competitive dynamics. Analysts are now reassessing the viability of Netflix’s original offer in light of Paramount’s aggressive stance. The outcome could reshape the global streaming and studio ecosystem, with implications for content licensing, subscriber growth, and advertising revenue. Regulatory scrutiny is expected, particularly given the scale and cross-platform reach of the combined entity. The battle underscores the increasing importance of owning exclusive content in an era of fragmented viewer attention and rising production costs.