Paramount says it could get antitrust approval for WBD before Netflix

In a dramatic twist in the streaming wars, Paramount Skydance is intensifying its efforts to acquire Warner Bros. Discovery (WBD) after Netflix clinched a significant deal last week. Netflix has agreed to pay an equity value of $72 billion for WBD’s streaming and film divisions, bringing the total enterprise value to approximately $82.7 billion. The agreement encompasses the popular HBO and HBO Max services, while WBD's cable channels will be separated into a new entity named Discovery Global ahead of the acquisition, expected to finalize by Q3 2026. However, Paramount is not backing down. The company has expressed its dissatisfaction with WBD’s bidding process, labeling it as unfair and inadequate. Just recently, Paramount reiterated its desire to acquire not just the streaming assets, but the entirety of WBD, including the soon-to-be-formed Discovery Global. Despite submitting six proposals over 12 weeks, Paramount claims that WBD did not adequately consider these offers, which it believes would yield a better outcome for shareholders. In a bold move, Paramount has taken its offer directly to WBD’s shareholders and board, presenting a bid of $108.4 billion, or $30 per share. This figure represents a remarkable 139 percent premium over WBD’s stock price of $12.54 as of September 10, 2025. Reports indicate that WBD dismissed Paramount’s proposal, believing it could achieve greater long-term value through the separation into two distinct companies rather than acquiescing to Paramount's takeover. David Ellison, CEO and chairman of Paramount, voiced concerns that Netflix's deal could adversely impact WBD’s shareholders, particularly due to the unpredictable trading future of its Global Networks linear cable division.