From CNET: Netflix announced last Friday its intention to acquire Warner Bros., HBO and its streaming business HBO Max, in an $82.7 billion deal. But that deal is being contested by Paramount, which announced Monday that it was launching a hostile bid to acquire Warner Bros. Discovery.
Netflix's deal would see the streaming giant acquire the movie studio, HBO and streaming arm of Warner Bros. Discovery, following the latter company's earlier announcement this year that it's splitting in two. WBD is expected to spin off its Discovery business in the third quarter of 2026.
Paramount's takeover attempt offers Warner Bros. investors $30 a share (as opposed to Netflix's $27.5 a share), totaling $108 billion. Unlike Netflix's agreement, Paramount's bid would see it purchase the entirety of Warner Bros. Discovery in an all-cash transaction.
In its statement to investors, Paramount said its private offer (one of six) to WBD is now being taken "directly to WBD shareholders and its board of directors to ensure they have the opportunity to pursue this clearly superior alternative."
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