NEW DELHI: Paramount has launched a $108 billion hostile bid to acquire Warner Bros Discovery (WBD), directly appealing to shareholders just days after WBD agreed to be acquired by Netflix. The move sets up a rare, high-stakes media battle that could reshape global entertainment.The offer, announced late Monday, comes from Paramount and its CEO David Ellison, who told CNBC the bid aims “to finish what we started.” The all-cash offer of $30 per share is pitched as a more secure alternative to Netflix’s $27.75-per-share proposal made last week.Paramount argues its bid “provides shareholders $18 billion more in cash than the Netflix consideration” and offers “a quicker path to completion,” according to an official statement.

Paramount vs Netflix: A corporate showdown

Netflix agreed on Friday to buy WBD’s studios and HBO Max after the entertainment giant splits into two companies. Paramount accused Warner of failing to “meaningfully engage” despite submitting six takeover proposals in 12 weeks. The company signalled it is prepared for a prolonged tender battle, despite having a much smaller market value of around $14 billion, compared to Netflix’s $400+ billion.The Paramount bid is backed by the Ellison family, RedBird Capital, and $54 billion in debt commitments from Bank of America, Citi and Apollo.

Political and regulatory twist in Paramount vs Netflix

Paramount warned WBD shareholders that Netflix’s takeover is unlikely to clear global regulators. Netflix, however, has included a $5.8 billion breakup fee in its terms, signalling confidence. Co-CEO Ted Sarandos said he is “highly confident” the deal will be approved.US President Donald Trump weighed in, telling reporters the Netflix deal “could be a problem” due to market dominance and adding, “I’ll be involved in that decision.”If Warner backs out of the Netflix deal to accept another offer, it must pay $2.8 billion to Netflix.

Paramount vs Netflix: What’s at stake in Hollywood

Whoever wins will control some of the most valuable franchises in entertainment, including HBO, Harry Potter, DC Comics, and CNN. If Netflix succeeds, analysts say it will cement the company’s control over Hollywood content and accelerate disruptions to theatres and artificial intelligence-driven filmmaking.If Paramount prevails, Warner would become part of a media empire led by Ellison and Oracle co-founder Larry Ellison, who are also positioned to take control of TikTok’s U.S. operations under a deal championed by Trump.Market reactionWarner shares closed at $26.08, below Netflix’s offer price, signalling investor doubt the deal will close. Paramount shares fell nearly 10%, an unusual move as shareholders typically celebrate avoiding massive acquisition costs.The bidding war could escalate, say analysts, noting similar competitive takeovers have occurred only when exceptionally coveted assets hit the market.