Paramount’s $108.4-billion bid reopens battle for Warner Bros

Paramount’s bid also comes with a $5.8 billion break-up fee promised to Netflix if WBD walks away from the agreement

by e4m Staff
Published: Dec 9, 2025 9:05 AM | 2 min read

Just when it looked like Netflix had clinched the Warner Bros. Discovery deal, the bidding war has suddenly erupted again. Paramount Skydance has stormed back into the race with a massive 108.4 billion USD offer for WBD, dramatically reopening a battle many thought was over.

Not only is Paramount’s bid higher, it also comes with a $5.8 billion break-up fee promised to Netflix if WBD walks away from the agreement it recently entered into. Their revised proposal values WBD at $30 per share, topping Netflix’s nearly $28 per share offer and resetting the stakes of the takeover.

Since September, Paramount has made multiple attempts, but Netflix had emerged as the clear front-runner.

Read our report on what the offers were

Just last week, Netflix and WBD announced a definitive agreement for an 82.7 billion USD acquisition, including WBD’s storied film and television studios, HBO Max and HBO. the deal, structured as a cash-and-stock transaction valued at $27.75 per share, was expected to close after the spin-off of WBD’s Global Networks division in Q3 2026.

Netflix’s acquisition would unite two giants: Netflix’s global streaming powerhouse with Warner Bros.’ century-old legacy of storytelling.

When the bids were revised

Iconic titles like the Big Bang Theory, The Sopranos, Game of Thrones, the Wizard of Oz and the DC Universe would join Netflix hits such as Wednesday, Money Heist and Bridgerton, a massive shift in the entertainment landscape.

But with Paramount’s dramatic re-entry, the race is wide open again. The world will be watching to see what happens next.