Warner Bros Discovery’s stock jumped over 7% Monday amid a heated bidding war between Hollywood heavyweights. Paramount Pictures has launched an all-cash offer of $30 per share, totaling $108.4 billion, positioning itself as a strong rival to Netflix, whose own bid values the studio at nearly $83 billion.
Unlike Netflix, Paramount’s offer includes cable networks such as CNN, TNT, TBS, and Discovery. The deal would unite Paramount’s portfolio—including Paramount Pictures, CBS, Nickelodeon, and Paramount+—with Warner Bros.’ assets like HBO Max and major sports rights. Paramount emphasizes preserving theatrical releases, a move welcomed by many in the film industry wary of streaming-first models.
David Ellison, Paramount’s chairman and CEO, called Netflix’s offer “inferior and uncertain,” arguing that shareholders deserve a chance to consider a more robust, cash-backed alternative. He added that the merger would deliver over $6 billion in cost savings while allowing continued content investment.
The stakes are high: Warner Bros. has produced legendary films like Casablanca and Citizen Kane, as well as blockbuster series such as Game of Thrones, The Sopranos, and the Harry Potter franchise. Paramount, whose owner Larry Ellison is an ally of Donald Trump, now faces a fierce competition for one of Hollywood’s most storied studios.
Industry insiders note that Paramount’s focus on theaters and regulatory certainty contrasts with Netflix’s streaming-heavy strategy, which could face global scrutiny due to its growing share of the streaming market. Meanwhile, Netflix shares fell over 2% on Monday, signaling investor caution as the battle for Warner Bros. intensifies.