Even After Netflix Landed Dibs, Paramount's Bosses Are Making A New Move To Try And Buy Warner Bros.

Last week, the entertainment world was rocked to the core when it was announced that the bidding war for Warner Bros. was over, and Netflix had come out on top. Considering how much everybody knew that Paramount was interested in acquiring Warner Bros., the fact that it lost out was an obvious blow to the newly merged company. However, it turns out the Paramount CEO isn’t going down without a fight.

Paramount Is Attempting A Hostile Takeover Of Warner Bros.

This morning, Paramount announced (via Deadline) it would be attempting to acquire all outstanding shares of Warner Bros. at $30 per share, a price that equates to a Warner Bros. purchase price of $108.4 billion, a significant increase over the $82.7 billion price that WB previously accepted from Netflix. The Paramount offer is for the entirety of Warner Bros. Discovery, including the linear networks. Netflix’s offer is only for the studio portion, with Warner Bros. already in the process of spinning off the networks into a separate company.

In its statement, Paramount claims Warner Bros. never engaged meaningfully with the numerous offers it made, and that by making this all-cash offer, WB shareholders will have the opportunity to make the decision themselves. It also claims that the Netflix deal will ultimately result in higher prices for consumers and a greater risk for shareholders, due to the fact that Netflix has never engaged in major acquisitions before.

Paramount, on the other hand, only recently completed a merger with Skydance. It certainly shows the company's ability to handle such things, though it would certainly put a lot on the new company's plate to acquire two major studios in just a matter of months.

Could Paramount’s Argument Sway Shareholders?

It will certainly be interesting to see how things play out. Generally speaking, shareholders are simply looking for the greatest return on their investment. And if Paramount is offering more money, shareholders who are going to get paid for their shares one way or another may simply take the higher price. If Paramount is able to acquire enough stock, it can simply take over the company this way, and even if it doesn’t, it might be able to acquire enough to cause problems for the Netflix deal.

One of the biggest concerns about Netflix taking over Warner Bros. surrounded how the new company would handle theatrical distribution, something still seen as important to the wider filmmaking industry but something that has never been a primary concern of the streaming-first Netflix. Paramount argues that it is the better steward of Warner Bros. because it will embrace theaters and theatrical release windows.

While we thought the battle for Warner Bros. ended last week, clearly the fight is only just beginning. With things now unclear, we could also see Comcast reenter the fight, which also expressed interest in acquiring Warner Bros. Whichever way this goes, the winner still has to deal with regulatory approval. Warner Bros. shareholders will have until January 8, 2026, at 5 PM ET, to tender their shares for cash.