The battle for Warner Bros. Discovery intensifies as Netflix shifts to an all-cash $27.75-per-share offer for its studio and streaming assets, valued at $82.7 billion, gaining full WBD board support. Paramount persists with its hostile $30-per-share all-cash bid for the entire company—totaling $108 billion—backed by Larry Ellison and financiers like Jared Kushner-linked funds. Tensions escalate with Paramount suing WBD in Delaware Chancery Court to expose Netflix deal details and alleging a rigged process favoring Netflix.
Paramount’s Escalation
Paramount CEO David Ellison plans to nominate directors at WBD’s 2026 annual meeting and slams the Discovery Global spin-off (CNN, TNT) as worthless, disputing WBD’s $1.33-$6.86 per share valuation. WBD CEO David Zaslav calls Paramount’s suit meritless and its offer riskier due to uncertainties. Netflix co-CEO Ted Sarandos touts the all-cash structure for faster closure and shareholder certainty, with $85 billion post-deal debt versus Paramount’s $87 billion.
WBD’s Strategy
The deal spins off cable networks into Discovery Global, reducing its debt by $260 million, while shareholders get Netflix cash plus spin-off equity. WBD rejected Paramount’s revisions for lacking improvements, prioritizing Netflix’s stability from its $402 billion valuation against Paramount’s $12.6 billion.
Potential Fallout
Analysts see Netflix’s move as a door-slam on rivals, but legal fights and proxy battles could prolong drama into 2026. This saga suits your entertainment coverage in Gulf Tycoon or Rolling Stone variants, highlighting media power plays.[user-information:1]
