Paramount Skydance launches hostile bid to buy Warner Bros. Discovery after losing out to Netflix. $30 per share offer, $108.4 billion enterprise value. Equity financing from Ellison family, RedBird Capital, $54 billion debt commitments. Outside Middle Eastern financing partners and Jared Kushner’s Affinity Partners involved. Shares of Paramount up 9%, WBD up 4%, Netflix down 3%. Paramount CEO aims to complete deal to acquire WBD, including studio, streaming assets, TV networks like CNN and TNT Sports. Paramount offers $17.6 billion more cash than Netflix’s deal. Paramount values linear cable assets at $1 per share, WBD executives value them at $3 per share. Paramount argues keeping WBD whole is best for shareholders. Paramount made bid on Dec. 1, raised to $30 per share, received no response from WBD CEO David Zaslav. Ellison believes Paramount’s deal will have shorter regulatory approval process, calls it a real competitor to Netflix and Amazon. Trump administration views Netflix-WBD deal with skepticism, citing market share concerns. Netflix to pay WBD $5.8 billion if deal not approved, WBD to pay $2.8 billion breakup fee if deal called off. Netflix champions deal as positive for shareholders, consumers, and media industry at UBS Global Media and Communications Conference. Netflix co-CEOs recognize deal as complementary to Netflix’s business, protect jobs, create new jobs.

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