Paramount reaffirms $30 cash offer for Warner Bros. Discovery

Paramount (NASDAQ: PSKY) reiterated its commitment to acquiring Warner Bros. Discovery Inc. (NASDAQ: WBD) for $30 per share in cash, following WBD's board recommendation against the offer.

The company stated its offer provides superior value compared to Netflix's (NASDAQ: NFLX) competing transaction with WBD. Paramount's proposal includes $30 per share in cash versus Netflix's cash component of $23.25 per share, representing an $18 billion difference in aggregate value according to the press release.

Paramount has secured financing through $41 billion in new equity backed by the Ellison family and RedBird Capital, plus $54 billion in debt commitments from Bank of America, Citi and Apollo. The offer carries no financing conditions.

David Ellison, Chairman and CEO of Paramount, said the proposal "clearly offers WBD shareholders superior value and certainty, a clear path to close, and does not leave them with a heavily indebted sub-scale linear business."

The company criticized WBD's process, stating the board failed to engage with Paramount despite the cash offer. Paramount noted WBD's board did not determine whether the $30 per share proposal "could reasonably be expected to lead to a superior proposal" under WBD's agreement with Netflix.

Paramount has launched a tender offer directly to WBD shareholders, urging them to tender their shares rather than wait for the special shareholder meeting required for the Netflix transaction. The tender offer statement was filed with the SEC on December 8, 2025.

Netflix's competing offer includes both cash and stock components, with Paramount claiming the stock portion has declined below the collar protection level. The Netflix deal would also leave WBD shareholders with ownership in a leveraged Global Networks business.

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