Paramount Skydance’s $108.4 billion figure described its initial bid’s estimated enterprise value—not cash paid to shareholders alone. The offer ultimately rose from $30 to $31 per share, Netflix declined to match it, and the acquisition closed on October 6, 2026, according to the Associated Press.
What did Paramount offer for Warner Bros. Discovery?
On December 8, 2025, Paramount Skydance launched an all-cash tender offer of $30 per share for all of Warner Bros. Discovery (WBD). Paramount described the initial proposal as having an enterprise value of $108.4 billion. That was the bidder’s valuation of the whole transaction, not the amount of equity value paid directly to WBD shareholders.
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In its 2026 proxy filing, Paramount put the offer’s equity value at $78 billion and its enterprise value at $108 billion, explaining that the latter included assumed net debt and noncontrolling interest. Enterprise value and equity value describe different things, so the two figures should not be treated as competing estimates of the same payment.
Why was the offer called hostile?
WBD had already selected a Netflix transaction focused on its Warner studio and streaming assets. Paramount’s bid sought all of WBD, including its broader portfolio, and went directly to shareholders rather than proceeding through the deal WBD’s board had chosen. Contemporary coverage described that shareholder-directed approach as hostile. The term describes the bid’s relationship to the target company’s board; it does not mean that the offer was unlawful.
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How did Paramount’s proposal compare with Netflix’s?
The two proposals differed in scope: Paramount pursued all of WBD, while the Netflix agreement covered Warner’s studio and streaming businesses. The available announcements do not provide a directly comparable Netflix per-share or enterprise-value figure here, so those terms should not be inferred from Paramount’s bid.
| Proposal | Scope | Price and valuation terms | Key outcome |
|---|---|---|---|
| Paramount’s initial offer, December 2025 | All of WBD | $30 per share, all cash; Paramount stated an enterprise value of $108.4 billion. | Launched as a tender offer directly to shareholders. |
| Netflix transaction selected by WBD | Warner’s studio and streaming assets | Per-share consideration and enterprise value are not stated in the cited WBD and Netflix announcements summarized here. | WBD selected the agreement before Paramount’s tender offer. |
| Paramount’s revised proposal, February 2026 | All of WBD | $31 per share in cash, plus a $0.25-per-share quarterly ticking fee beginning after September 30, 2026. | WBD’s board determined the proposal was superior; Netflix declined to match. |
WBD’s February 26, 2026 announcement also described a $7 billion regulatory termination fee and Paramount’s agreement to pay WBD’s $2.8 billion termination fee to Netflix. Those terms addressed the possibility that regulatory review could prevent the Paramount transaction from closing and the cost of ending the Netflix agreement.
Why did Netflix drop out?
After WBD’s board determined Paramount’s revised proposal was superior, Netflix had the opportunity to match it. On February 26, 2026, Netflix co-CEOs Ted Sarandos and Greg Peters said that, at the price required to match Paramount Skydance’s latest offer, the transaction was “no longer financially attractive,” and Netflix would not raise its offer. That was Netflix’s stated rationale for stepping away.
Did Paramount buy Warner Bros. Discovery?
Yes. The Associated Press reported that the transaction closed on October 6, 2026. Its closing report described an $81 billion takeover and nearly $111 billion including debt. Those are AP’s closing figures and should be kept distinct from Paramount’s original $108.4 billion enterprise-value description: the cited reports do not establish that the figures use identical valuation bases.
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AP described the resulting company as Skydance and its portfolio as including Paramount and Warner properties, HBO Max, Paramount+, and CNN. The completed acquisition ended the contest between Paramount and Netflix; Netflix did not acquire Warner’s studio and streaming assets.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does the deal mean for viewers?
Paramount+ and HBO Max are now under the same corporate umbrella. In an October 7, 2026 explainer, AP reported that Skydance planned to unify streaming products into a single service over time. At that point, the combined service’s name, its effect on subscription costs, and what it would mean for viewers’ choices remained unknown. No launch date or new service price had been announced in that account.
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Rank #4
- Item name: The Maltese Falcon
- Product type: PHYSICAL MOVIE
- Brand: WB
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