Warner Bros. Discovery: a $108bn takeover bid from Paramount despite agreement with Netflix

Paramount Skydance has launched a takeover bid valued at $108.4bn (€93bn) to acquire the Warner Bros. Discovery group, announced the media conglomerate on 08/12/2025.

This counteroffer, valid until 08/01/2026, comes after Warner announced on 05/12 that it had reached an agreement with Netflix for the streaming platform to acquire its future Warner Bros. division for $82.7bn (€71bn). As part of this transaction, which is still subject to regulatory clearance and the approval of Warner Bros. Discovery shareholders, Netflix is set to acquire Warner Bros.'s businesses, namely its film studios HBO and the HBO Max streaming platform.

Discovery Global, another future division of the American group as part of its demerger announced earlier in 2025, will retain the global TV brands for entertainment, sports and news, including CNN and TNT Sports in the United States, a number of free-to-air channels in Europe, the Discovery+ platform and the Eurosport group.

"Despite Paramount submitting six proposals over the course of 12 weeks, WBD never engaged meaningfully with these proposals which we…