Paramount Skydance, the newly formed entity after Paramount Global and Skydance Media merged on August 7, 2025, has submitted a $30 per share cash‑and‑stock offer for Warner Bros. Discovery (WBD), valuing the U.S. media conglomerate at roughly $30 per share. The bid represents a significant escalation from earlier offers and is part of a competitive auction that also includes bids from Netflix and Comcast.
The offer includes a $5 billion breakup fee that would be paid if regulators or WBD shareholders reject the deal, underscoring Paramount Skydance’s commitment to securing the entire company, including its film studio, HBO Max streaming service, and cable networks such as CNN, TNT, and TBS. The bid is structured as a cash‑and‑stock transaction, with the cash component to be paid in U.S. dollars and the stock component in PSKY shares.
Paramount Skydance’s bid follows the completion of its merger with Paramount Global on August 7, 2025, which created the combined company that now holds the bid. The bid also follows earlier offers from Paramount Skydance of $19 per share in September and $23.50 per share in October, which were later increased to $27 per share before the final $30 offer. The competitive auction also saw Netflix submit an $82.7 billion deal at $27.75 per share, and Comcast propose a merger of NBCUniversal with WBD’s streaming and studio assets.
Warner Bros. Discovery’s shares rose 4.8% in pre‑market trading after the $30 bid, reflecting investor optimism about a premium sale. The announcement of Netflix’s winning bid later that day pushed WBD shares higher, while Paramount Skydance’s stock fell 7.3% on December 3 after raising its breakup fee, indicating investor concern over regulatory scrutiny and the cost of the deal.
For Paramount Skydance, acquiring WBD would have expanded its content library and market reach, positioning it as a stronger competitor against streaming giants like Netflix and Disney. For Netflix, the acquisition of WBD’s studio and streaming assets would bolster its content offerings and subscriber base, solidifying its dominance. The deal faces significant antitrust scrutiny in the U.S. and Europe, given Netflix’s dominant position in the streaming market.
The $30 per share bid marks a pivotal moment in the ongoing consolidation of the media and entertainment industry, with Paramount Skydance positioning itself to potentially become a leading integrated media company. The outcome of the bidding war will shape the competitive landscape for years to come.
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