Paramount makes $108 billion hostile bid for Warner Bros

Warner Bros mgmt called the Netflix deal a ‘slam dunk’

- REUTERS

Paramount Skydance on Monday launched a hostile bid worth $108.4 billion for Warner Bros Discovery, throwing a wrench into the deal with Netflix in a last-ditch effort to create a media powerhouse that would challenge the dominance of the streaming giant.

The streaming giant had emerged victorious on Friday from a weeks-long bidding war with Paramount and Comcast, securing a $72 billion equity deal for Warner Bros Discovery's TV, film studios and streaming assets.

The offer, which is worth $82.7 billion including debt and comes with a $5.8 billion breakup fee from Netflix, is likely to face strong antitrust scrutiny.

Paramount submitted multiple offers starting in September to forge an entertainment powerhouse capable of challenging Netflix and tech giants such as Apple that have expanded into media but faced rejections. It has offered to buy the whole company at $30 per share, compared with Netflix’s nearly $28 per share offer for its assets.