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Offer Royale: Paramount-Netflix Bidding War For Warner Bros Heats Up In A Blockbuster Showdown
In markets, Netflix shares were down about 4% in early afternoon trading in New York, while Paramount shares were up nearly 10%.
Fox Business reporter Charles Gasparino noted that "shares are getting slammed, and with the investor selling, it's unclear if the collar on the stock portion of its WBD bid is being compromised - meaning it might have to come up with more money."
Update (0950ET): The bidding war between Netflix and Paramount Skydance for Warner Bros.' film and television studios, including HBO and HBO Max, is intensifying heading into the US cash session on Monday morning.
Paramount has raised its bid with a $30-per-share, all-cash tender offer for all of Warner Bros. Discovery, stating in a press release that its proposal is a "superior alternative" to Netflix's deal announced last Friday.
Deal highlights:
Price: An all-cash offer at $30.00 per share, equating to an enterprise value of $108.4 billion, which represents a 139% premium to the undisturbed WBD stock price of $12.54 as of September 10, 2025. In contrast, the Netflix proposal entails a volatile and complex structure valued at $27.75 mix of cash ($23.25) and stock ($4.50), subject to collar and the future performance of Netflix, equating to an enterprise value of $82.7 billion (excluding SpinCo).
Structure: Paramount proposal is for all of WBD, without leaving WBD shareholders with a sub-scale and highly leveraged stub in Global Networks, as the Netflix agreement assumes.