Paramount Skydance appears to have put a snag in Netflix’s plans to acquire Warner Bros Studios, HBO and HBO Max from Warner Bros Discovery for $82.7 billion (enterprise value). The cable networks would be spun off into a separately owned entity WBD called Discovery Global.
Several media outlets have reported that Paramount has entered a “hostile bid” to acquire all of Warner Bros Discovery for $108.4 billion, which is the equivalent of a $30 per share offer, up from what Netflix’s brought to the table at $27.75 per share.
In a new report from Variety and other various media entities, Warner Bros Discovery is responding to Paramount’s unsolicited takeover offer to acquire all of WBD’s outstanding stock at $30/share and has stated they will further review Paramount’s proposal and issue it’s decision within 10 business days.
If the deal between WBD and Netflix does not go through, Netflix would pay $5.8 billion to WBD $5.8 billion.
Paramount gave the following statement to Deadline regarding their offer.
“Paramount’s strategically and financially compelling offer to WBD shareholders provides a superior alternative to the Netflix transaction, which offers inferior and uncertain value and exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash.”
The question still remains on how this would effect AEW.
A Netflix deal would not have any short-term affect on AEW, other than potentially HBO Max for content, including Dynamite, Collision and pay-per-view purchases. The current deal that AEW runs through 2027 with an option year for 2028 for TBS, TNT and HBO Max.
Paramount signed a $7.7 billion, 7-year deal with WWE’s parent company TKO to be the new home of UFC on the Paramount+ streaming service starting in January 2026. Select events will also air on Paramount Skydance’s linear network CBS.