Paramount Skydance is poised to take control of Warner Bros. Discovery after Netflix announced it would not raise its takeover offer, effectively ending one of the largest media industry bidding wars in recent decades.
Ukraine, US Hold Geneva Talks on Reconstruction as Peace Negotiations With Russia Remain Stalled
The move places a vast portfolio of global entertainment assets — including CNN, Nickelodeon and HBO — under the leadership of the Ellison family, headed by Larry Ellison, founder of Oracle Corporation and a prominent ally of US President Donald Trump. Paramount Skydance is led by his son, David Ellison.
Netflix confirmed it was “declining to match” Paramount’s improved bid after Warner Bros. Discovery’s board classified the offer as a “Superior Proposal” under the terms of its earlier merger agreement with the streaming company. The platform said the revised price made the deal financially unattractive despite believing it could have strengthened the entertainment industry and preserved production jobs.
With no counteroffer forthcoming, Warner Bros. Discovery’s board is now free to terminate its agreement with Netflix and proceed with Paramount’s acquisition proposal. A previously scheduled shareholder vote on the Netflix deal is now largely irrelevant as attention shifts toward approval of the Paramount transaction.
Paramount’s revised bid, valued at approximately $108 billion, includes a cash offer of $31 per share — a one-dollar increase from its earlier proposal — along with a $7 billion regulatory termination fee should the deal fail to secure approval. The company has also agreed to cover the $2.8 billion breakup fee owed to Netflix.
The takeover battle drew political attention in Washington, with Trump indicating interest in the outcome. Republican lawmakers had criticised Netflix during negotiations, while both bidding sides sought regulatory support amid scrutiny over media consolidation.
Financing for the Paramount offer includes backing from sovereign wealth funds in Saudi Arabia, Qatar and Abu Dhabi, a factor analysts say could invite additional regulatory examination.
If completed, the merger would combine streaming platforms HBO Max and Paramount+, unite two of Hollywood’s largest film studios, and bring major news operations such as CNN and CBS News under a single corporate structure — potentially reshaping the global media landscape.
