• by Wayne Friedman , December 8, 2025

Not taking no for an answer, Paramount Skydance is making a hostile $108.4 billion bid to acquire Warner Bros. Discovery, according to reports.

This comes after an announced $82.7 billion cash-and-stock deal that WBD and Netflix agreed to last week.

The Paramount deal is an all-cash, $30-a-share offer for all of WBD. This includes the company’s financially troubled cable TV networks group that includes CNN, TNT and HGTV.

In a press release, Paramount said: “Paramount's strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash.”

The company said the deal gives WBD shareholders $18 billion more in cash than Netflix.

The Netflix agreement is for WBD’s Warner Bros. movie and TV studio and its streaming services -- including HBO Max, discovery+, and its premium cable TV network HBO. That cash and stock (Netflix) deal was valued at $27.75 a share. The cash part alone was for $23.25.

Paramount Skydance is run by David Ellison, its CEO, who just closed the deal to acquire Paramount Global in August 2025.

He is the son of Larry Ellison, who is the cofounder and largest shareholder of Oracle Corp. and is among the world’s wealthiest people.

Ellison is also a close friend of President Donald Trump. The Trump Administration has been critical of CNN, the longtime cable TV news network owned by WBD.

WBD’s stock was up 6% to $27.56 in early Monday morning trading.

Company representatives did not reply to Television News Daily inquiries by press time.