Warner Bros Discovery Poised to Oppose Paramount’s $108 Billion Hostile Bid

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: December 17, 2025

Key Moments

Warner Bros Discovery is expected to advise shareholders to reject Paramount Global’s $108bn hostile takeover bid.
Meanwhile, Netflix has secured board backing for an $82.7bn agreement, while Paramount is pressing a $30-per-share cash offer.
At the same time, Donald Trump has fueled political controversy by criticizing CNN and commenting on CBS and “60 Minutes.”

Showdown for Control of Warner Bros Discovery

Warner Bros Discovery is expected to urge shareholders to vote against Paramount Global’s hostile takeover attempt, according to multiple media reports. If confirmed, this stance would deal a major blow to Paramount’s proposed $108bn (€92.2bn) acquisition. Euronews has requested further comment from Warner Bros Discovery.

This expected recommendation follows Paramount’s decision to take its offer directly to shareholders in early December. Paramount has proposed an all-cash bid of $30 per share after the Warner Bros Discovery board rejected several earlier approaches. By contrast, Netflix has offered $27.75 per share through a mix of cash and stock.

Meanwhile, Warner Bros Discovery shares have traded closer to the $30 level. Earlier this month, the stock hovered near $24 per share.

Competing Bids: Paramount vs Netflix

The battle for Warner Bros Discovery has evolved into a high-profile contest shaping the future of the U.S. media industry. The winning bidder would gain control of an extensive film and television library. This includes Warner Bros studios, HBO content, and the DC Comics franchise, home to characters like Batman and Superman.

Previously, investors widely viewed Warner Bros Discovery as undervalued. However, heavy debt levels and fierce competition from Netflix, Amazon, and Apple weighed on the stock.

On December 5, Netflix submitted a formal acquisition proposal. Shortly after, Warner Bros Discovery’s board agreed to support the deal. This decision followed months of intense negotiations.

Netflix later confirmed the $82.7bn (€71bn) transaction. The deal was described as a union of “two of the greatest storytelling companies,” according to Warner Bros Discovery CEO David Zaslav.

However, if Warner Bros Discovery exits the Netflix agreement, it must pay a $2.8bn (€2.4bn) breakup fee.

Despite Paramount’s aggressive strategy, significant hurdles remain. In particular, critics continue to question how Paramount plans to finance its bid.

Key Financial Terms at a Glance

Bidder	Offer Structure	Headline Value	Per-Share Terms	Board Support
Paramount Global	Hostile, direct to shareholders	$108bn (€92.2bn)	$30 per share, all cash	Expected opposition
Netflix	Agreed transaction	$82.7bn (€71bn)	$27.75 per share, cash and stock	Board approved

Political Undercurrents and Trump’s Intervention

Political tensions have increasingly surrounded the sale process. About a week ago, President Donald Trump publicly called for CNN to be divested from any broader deal. He criticized the network’s leadership and argued that selling CNN would improve political balance.

Notably, Paramount’s proposal includes Warner Bros Discovery’s news assets. As a result, lawmakers and commentators have raised concerns about possible editorial changes. These worries focus largely on coverage of the Trump administration.

Ellison Backing and Questions of Influence

Oracle co-founder Larry Ellison plays a central role in financing Paramount Skydance’s bid. He has provided a substantial portion of the equity and helped secure additional funding. His son, David Ellison, serves as chairman and CEO of Paramount Skydance.

Moreover, the Ellison family’s close ties to Donald Trump have drawn scrutiny. Analysts argue the bid may pursue political influence alongside commercial goals.

Initially, Jared Kushner’s Affinity Partners also backed the bid. However, the firm has since withdrawn from the financing group.

Trump Turns on Paramount, Targets CBS and “60 Minutes”

In a familiar reversal, Trump criticized Paramount on Tuesday evening. He claimed his relationship with the company was weaker than previously suggested. Paramount owns CBS, which canceled “The Late Show” earlier this year.

Following the cancellation, some observers linked the decision to Stephen Colbert’s criticism of Trump. CBS, however, stated that financial considerations drove the move.

The show’s end followed Colbert’s public condemnation of Paramount’s $16mn (€13.7mn) settlement with Trump. That settlement occurred while Paramount sought regulatory approval for its Skydance merger.

“‘60 Minutes’ has treated me far worse since the so-called takeover,” Trump wrote in a social media post. “If they are friends, I’d hate to see my enemies.”

Finally, “60 Minutes,” produced by CBS, played a central role in the defamation case. Trump alleged producers manipulated an interview with then–Vice President Kamala Harris.