Paramount has made a competing bid to acquire Warner Bros. Discovery, offering $108.4 billion for the company. The move puts Paramount directly at odds with Netflix, which had already reached a deal to buy Warner Bros. Discovery that had been approved by Warner Bros. Discovery’s board of directors.
The earlier board-approved transaction with Netflix was valued at $82.7 billion. Paramount is asking Warner Bros. Discovery’s board to reconsider and evaluate its larger offer for the company and its assets, which include a wide range of cable and streaming properties as well as major entertainment franchises.
The collection of assets at stake extends beyond film and television studios: they encompass the news channel CNN, the educational Discovery Channel, and premium brands such as HBO and the HBO Max streaming service. The deal would also transfer rights to well-known franchises including The Big Bang Theory, The Sopranos, Game of Thrones, and the DC Universe.
Paramount has publicly criticized the Netflix transaction as anti-competitive, arguing that it would further entrench Netflix’s dominant position in the streaming market. Paramount’s representatives say their higher bid is more favorable to shareholders and competitive for the industry as a whole.
It remains unclear how Warner Bros. Discovery’s leadership will respond to Paramount’s proposal. The Netflix agreement was considered officially approved and envisaged a phased integration that was not expected to be completed before the third quarter of 2026, leaving a window in which alternative offers and negotiations could still occur.