Paramount Global has made a definitive $108 billion all-cash offer to acquire Warner Bros. Discovery, sending Paramount's stock to a record closing price of $68.47. The bid marks the largest entertainment sector takeover attempt in recent history.
- Paramount Global made a $108 billion all-cash bid to acquire Warner Bros. Discovery
- Offer values Warner Bros. Discovery at $40 per share, a 34% premium over its recent average price
- Paramount's stock rose 18.6% to close at $68.47, its highest level on record
- Combined entity would serve over 230 million global streaming subscribers
- Estimated annual cost synergies of $1.2 billion post-merger
- Deal subject to regulatory approvals and shareholder votes across multiple markets
Paramount Global announced a transformative $108 billion all-cash proposal to acquire Warner Bros. Discovery, signaling a major shift in the global media landscape. The offer values Warner Bros. Discovery at approximately $40 per share, representing a 34% premium over its 30-day volume-weighted average price as of December 5, 2025. The move positions Paramount as a dominant player in streaming and content production, aiming to consolidate resources and scale operations amid intensifying competition in digital entertainment. The acquisition proposal comes amid growing pressure on legacy media firms to adapt to evolving consumer viewing habits and rising content costs. With over 230 million global subscribers across Paramount+, HBO Max, and other platforms, the combined entity would surpass Netflix in total subscriber base and command a significant share of the premium content market. The transaction would be funded through a combination of cash on hand and new debt financing, with an estimated $75 billion in new borrowing. Paramount's shares surged 18.6% on the news, closing at $68.47—its highest level since 2021. The jump reflects investor optimism about the strategic synergy and long-term growth potential of the merger. Analysts note that the deal could enable cost savings of up to $1.2 billion annually through operational integration, including shared infrastructure and centralized production units. Warner Bros. Discovery's board has formed a special committee to evaluate the offer, with no commitment expressed thus far. The transaction remains subject to regulatory review, shareholder approval, and antitrust clearance in multiple jurisdictions, including the United States, the European Union, and China. The outcome will have major implications for the streaming wars, content licensing, and media consolidation trends.