Paramount’s $30 All-Cash Tender Offer for WBD Stands Out as a Superior Deal

Paramount Puts Cash on the Table—A $108.4 Billion Enterprise Value That Outshines Netflix's Offer

Paramount (NASDAQ:PSKY) has launched a decisive move in the ongoing media consolidation drama by offering an all-cash $30 per share bid to acquire all outstanding shares of Warner Bros. Discovery (NASDAQ:WBD). With backing from the Ellison Family and RedBird Capital, and $54 billion of fully committed debt from leading banks, the deal values WBD at a commanding $108.4 billion—representing a remarkable 139% premium to WBD’s September 2025 undisturbed stock price of $12.54. This headline figure dwarfs Netflix’s $27.75 mixed cash and stock offer, whose enterprise value comes in at $82.7 billion, notably excluding a leveraged spin-off of Global Networks.

Why This Offer Grabs Attention: Superior Certainty and Speed, According to Paramount

What makes this proposal so noteworthy is not just the headline numbers, but the assurance of speed and regulatory clarity it brings. Paramount emphasizes its confidence in regulatory approval and its avoidance of leaving WBD shareholders saddled with a highly leveraged, uncertain spin-off entity, a concern with Netflix’s structure. With all equity and debt financing pre-arranged—and no financing conditions—the company highlights a clearer, faster path for WBD investors to cash out, in contrast to what Paramount describes as Netflix’s complex and riskier multi-jurisdictional process.

Deal Structure Comparison: Paramount Offers Full Buyout—Netflix Mixes Equity and Leverage

Strategic Implications: Building a Next-Gen Media Powerhouse

Beyond numbers, Paramount touts the broader strategic potential: combining its own portfolio—including CBS, Paramount Pictures, and Paramount+—with WBD’s HBO, CNN, and global sports rights to create a diversified media titan. The combination is pitched as both pro-competitive and pro-consumer, capable of going toe-to-toe with Netflix, Amazon, and Disney while maintaining investment in theatrical releases and expanding content creation. Paramount projects $6+ billion in cost synergies, in addition to $3 billion in ongoing standalone cost savings.

Regulatory Certainty and Accelerated Timeline Remain Paramount’s Key Selling Points

Unlike Netflix’s offer, which must run a global regulatory gauntlet and depends on a volatile stock component, Paramount believes its approach sidesteps execution risks and delivers a quick, clean payout to WBD shareholders. Paramount’s bid is not subject to financing conditions and is supported by substantial commitments from both private equity and major lenders.

What to Watch: Industry Implications and Investor Takeaways

For investors, Paramount’s direct appeal to WBD shareholders may put pressure on the WBD Board to revisit their earlier Netflix preference, especially as market attention focuses on regulatory risks and deal certainty. The result could set a new standard for dealmaking in the competitive media landscape. Shareholders and industry observers alike will be closely watching for developments—including regulatory filings, tender expiration, and any new countermoves from Netflix.

Key Dates and Next Steps for Stakeholders

Bottom Line: Paramount’s Move Redefines the Rules for Mega Media M&A

By taking an unambiguous all-cash route and backing it with heavyweight financial and strategic partners, Paramount’s tender offer reshapes the WBD acquisition race—putting pressure on the Board and creating fresh questions about deal-making in the era of media super-consolidation. For investors, the focus now shifts to how stakeholders and regulators will respond in the weeks ahead.

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